Regulatory Alerts2022-03-15
FINTRAC imposes an administrative monetary penalty on Taiwanese Canadian Toronto Credit Union Limited
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) imposed a $297,000 administrative monetary penalty on Taiwanese Canadian Toronto Credit Union Limited for violating anti-money laundering and terrorist financing regulations. The institution failed to file required suspicious transaction reports, establish comprehensive compliance policies for client verification and beneficial ownership, conduct thorough risk assessments for its products and clients, and perform mandatory biennial compliance reviews. This enforcement action underscores FINTRAC’s mandate to ensure financial entities maintain robust reporting and compliance frameworks to safeguard Canada’s economy and national security.
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