Regulatory Alerts2025-06-10
FINTRAC imposes an administrative monetary penalty on Cambrian Credit Union
FINTRAC imposed an $116,160 administrative monetary penalty on Winnipeg-based Cambrian Credit Union following a 2023 compliance examination. The credit union violated the Proceeds of Crime (Money Laundering) and Terrorist Financing Act by failing to report suspicious transactions and international electronic funds transfers exceeding $10,000, while also neglecting to maintain updated compliance policies and conduct required risk assessments. The penalty has been paid in full, concluding the enforcement action and underscoring regulatory expectations for financial institutions to uphold Canada’s anti-money laundering framework.
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