Regulatory Alerts2022-01-13
FINTRAC imposes an administrative monetary penalty on Libro Credit Union Limited
FINTRAC imposed a $156,750 administrative monetary penalty on London-based Libro Credit Union Limited for non-compliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. The credit union was found to have failed to submit required suspicious transaction reports and neglected to implement prescribed special measures to mitigate identified high risks. This enforcement action underscores FINTRAC's commitment to ensuring financial entities strictly adhere to Canada's anti-money laundering and anti-terrorist financing obligations.
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