By Alisha Houlihan for AMLi
CANADA watchdog the Financial Transactions and Reports Analysis Centre (FINTRAC) issued a warning last week warning regulators to be on the lookout for indicators of “underground banking schemes” that are primarily linked to China.
One of the primary factors identified by FINTRAC as a result of said schemes was “incoming wire transfers from entities or individuals in China, notably in Hong Kong, followed by the movement of these funds through financial institutions.”
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