The Financial Transactions and Reports Analysis Centre of Canada imposed an administrative monetary penalty of CAD 214,500 on Synergy Credit Union following a compliance examination that identified non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated Regulations. The penalty was imposed on September 26, 2025, has been paid in full, and the case is closed. Synergy Credit Union, a provincial credit union headquartered in Lloydminster, Saskatchewan, was cited for failing to report transactions where there were reasonable grounds to suspect a link to money laundering or terrorist activity financing, failing to assess and document money laundering and terrorist activity financing risks using prescribed factors, failing to apply prescribed special measures where risks are high, and failing to develop and apply written, up-to-date compliance policies and procedures approved by a senior officer.
Financial Transactions and Reports Analysis Centre of Canada 2025-11-27
Financial Transactions and Reports Analysis Centre of Canada imposes CAD 214,500 penalty on Synergy Credit Union for anti-money laundering compliance breaches
The Financial Transactions and Reports Analysis Centre of Canada imposed a CAD 214,500 penalty on Synergy Credit Union for non-compliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. The credit union failed to report suspicious transactions, assess and document risks, apply special measures for high risks, and maintain updated compliance policies. The penalty has been paid, and the case is closed.