by Jyotsna Bucktowar | Feb 5, 2026
Both men were convicted of one count of fraud over $5,000 and sentenced to five years in prison, ordered to pay $12.2 million each in restitution (with matching prison terms if unpaid), and given 10 years to satisfy the restitution orders. The RCMP’s Toronto...
by AdrianaAMLP | Nov 3, 2025
The interim report summarises key discussions from the October 1, 2025 session co-hosted by Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and GRI, which explored emerging risks such as AI-enhanced fraud, data manipulation, proliferation of...
by Jyotsna Bucktowar | Sep 25, 2025
The company failed to register with FINTRAC, did not report large virtual currency transactions over CAD 10,000 with required details, and neglected to file suspicious transaction reports despite reasonable grounds to suspect links to money laundering or terrorist...
by AdrianaAMLP | Aug 6, 2025
FINTRAC’s newly published Compliance Program Framework sets out a risk-based and transparent approach to supervising reporting entities under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. It details how FINTRAC assesses sector and...
by Jyotsna Bucktowar | Jun 30, 2025
Operating a money service business in Calgary and Vancouver, the accused—Kevin Sarrafi, who was arrested, and Saba Sarrafi, now subject to a Canada-wide warrant—allegedly used shell companies and third-party bank accounts to conceal the origins of illicit funds and...
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