Canadian Company Linked to Sanctioned Money-Laundering Network
A Canadian company called Maple Digital Financial Solutions has been linked to a sanctioned money-laundering network. The company, which calls itself a 'revolutionary banking' firm, has an address in Vancouver's financial district but appears to be a shell operation with no phone or email contact information.
According to a CBC News investigation in collaboration with the Centre for Information Resilience (CIR), Maple Digital Financial Solutions is connected to the TGR network, accused of laundering billions of dollars for ransomware gangs, drug cartels, and wealthy Russians. The company's website markets 'fast and easy' global currency transfers and 'convenient banking' with a click of a button.
Former deputy director at the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), Denis Meunier, reviewed the findings and said 'red lights are flashing' due to the company's ties to the TGR network. Maple Digital Financial Solutions is part of a group of companies connected to The OneGate network, which offers products such as virtual and physical payment cards and services like cryptocurrency trading through shell companies across seven jurisdictions.
Maple Finance provided clients with a branded payment card issued by OneCard, a service in part operated by TGR Partners. CIR used digital clues to discover Maple Finance had the same phone number as TGR Partners, a sanctioned entity. The overlap between Maple Finance and TGR went beyond Andrejs Carenoks, who was a director at both companies.
Meunier said that due to its lack of transparency and no operating licence in many provinces, money services businesses like Maple Finance pose a threat of laundering illicit funds. He added that the company's ties to a sanctioned network and individuals known for money laundering should put Canadian authorities on alert.