Equifax (NYSE: EFX) is assisting regulated businesses with the introduction of new AML Compliance Solutions designed to lessen the burden of AML (anti-money laundering) regulatory compliance for FS firms and related industries by flagging potential associations between “a prospect and activities that may indicate potential money laundering.”The AML solution from Equifax uses artificial intelligence to provide organizations that receive, handle and disperse currency with a near real-time offering that “scree ...

Core Points - Canada's anti-money laundering regulator, FINTRAC, imposed a record fine of C$176.9 million ($126.14 million) on Xeltox Enterprises Limited for failing to report suspicious transactions [1][2] - The violations were linked to serious offenses, including trafficking in child sexual abuse material, fraud, ransomware payments, and sanctions evasion [3] - Xeltox, which operates as Cryptomus and was previously known as Certa Payments Limited, is based in British Columbia and failed to report a transaction involving over C$10,000 in virtual currency [2][3] Regulatory Context - The Canadian government is intensifying efforts to combat financial crime, recently announcing a new agency focused on fraud and money laundering [4] - An upcoming audit by the Financial Action Task Force will assess Canada's financial crime measures [4] - Prior to this, FINTRAC had imposed a C$19.6 million ($14.09 million) penalty on Peken Global Limited, operator of KuCoin, marking another significant enforcement action [4][5]