May 09 - FINTRAC announced today that it has imposed an administrative monetary penalty on Binance Holdings Limited, also operating as Binance Holdings (IE) Ltd., Binance.com, Binance Global and Binance. This foreign money services business was imposed an administrative monetary penalty of $6,002,000 on May 7, 2024 for non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its associated Regulations.

May 09 - Provincial authorities have applied for the forfeiture of a Richmond townhouse, claiming it was acquired as a result of unlawful activity. In a lawsuit filed at the B.C. Supreme Court on May 6, Yanqui Huang is alleged to have acquired the property at #15-8399 Jones Rd., either directly or indirectly as a result of unlawful activity and the property was used to engage in unlawful activity.

May 08 - Today, in light of intensified terrorist activity in the Middle East, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued an Advisory to assist financial institutions in detecting potentially illicit transactions related to Islamic Republic of Iran-backed terrorist organizations. The Advisory highlights the means by which certain terrorist organizations receive support from Iran and describes several typologies these terrorist organizations use to illicitly access or circumvent the international financial system to raise, move, and spend funds. It also provides red flags that may assist financial institutions in identifying related suspicious activity.

May 07 - Canada’s TD Bank may be facing billions of dollars in fines as Canadian and American regulators crack down on money-laundering schemes that came to light over the past year. National Bank analyst Gabriel Dechaine said total penalties for money-laundering allegations could easily hit $2 billion, according to a note issued to clients, while non-monetary penalties are expected to impact the bank’s operations for years.