Cambrian Credit Union

FINTRAC imposed an administrative monetary penalty of $116,160 on Cambrian Credit Union for committing 4 violations. The penalties were related to various non-compliance issues, including failing to report suspicious transactions and electronic funds transfers, inadequate compliance policies and procedures, and failure to assess and document risk. The main purpose of the imposition was to ensure that Cambrian Credit Union meets its obligations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. The impact on the industry is a reminder for all financial institutions to maintain effective compliance programs and adherence to regulatory requirements.