The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) announced an administrative monetary penalty of CAD 116,160 against Cambrian Credit Union, following a 2023 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 March 3, 2025. FINTRAC cited failures to report suspicious transactions, to report incoming international electronic funds transfers of CAD 10,000 or more in a single transaction with prescribed information, to maintain up-to-date written compliance policies and procedures approved by a senior officer, and to assess and document money laundering and terrorist financing risk using prescribed factors. FINTRAC confirmed the penalty has been paid in full and proceedings have ended.
Financial Transactions and Reports Analysis Centre of Canada 2025-06-10
Financial Transactions and Reports Analysis Centre of Canada imposes CAD 116,160 administrative monetary penalty on Cambrian Credit Union for AML reporting and compliance failures
FINTRAC imposed a CAD 116,160 penalty on Cambrian Credit Union for non-compliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. Violations included failures in reporting suspicious transactions and international electronic funds transfers, maintaining compliance policies, and assessing money laundering risks. The penalty has been paid, concluding the proceedings.