Canadian 'banking' company linked to sanctioned money-laundering network
A CBC investigation has linked a Canadian shell company, Maple Digital Financial Solutions, to a sanctioned international money-laundering network known as TGR. Experts warn that the company's lack of transparency and regulatory oversight poses significant financial risks.
Why it matters
The report exposes vulnerabilities in the Canadian financial system that allow illicit actors to exploit money services businesses for global criminal activity.
On paper, the company is registered with Canada’s financial intelligence agency, and offers "fast and easy" global currency transfers and "convenient banking" with the click of a button.
In practice, however, it’s a shell company. Its website offers no option to open an account and provides no employee names, while phone calls go straight to voicemail and emails go unanswered.
A CBC News visual investigation, in collaboration with the Centre for Information Resilience (CIR), reveals this shell company is closely linked to the TGR network, accused by international law enforcement of laundering billions of dollars for ransomware gangs, drug cartels and wealthy Russians.
"Red lights are flashing, there are a number of red flags here," said Denis Meunier, former deputy director at the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), who reviewed the findings.
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