Two cousins, Kevin and Saba Sarrafi, are accused of defrauding Canadian banks to launder over $40 million from the Middle East through their currency-exchange business popular among Iranian Canadians. Facing 29 charges, Kevin appeared in court while Saba is wanted with a Canada-wide warrant. The case highlights challenges in regulating currency exchanges amid increasing sanctions on Iran. FinTRAC is stepping up monitoring of transactions involving Iran.
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