Region

Jurisdiction

Regulator

2025-06-10

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.

Canada

Financial Transactions and Reports Analysis Centre Canada

News release

June 10, 2025 — Ottawa — Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)

FINTRAC announced today that it has imposed an administrative monetary penalty on Cambrian Credit Union. Following a compliance examination in 2023, this credit union headquartered in Winnipeg, Manitoba, was imposed an administrative monetary penalty of $116,160 on March 3, 2025, for non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated Regulations.

Cambrian Credit Union was found to have committed the following administrative violations:

Failure to report financial transactions that occurred in the course of its activities and in respect of which there are reasonable grounds to suspect that the transactions are related to the commission or the attempted commission of a money laundering or a terrorist activity financing offence.

Failure to report the receipt from outside of Canada of an electronic funds transfer of $10,000 or more in the course of a single transaction, together with the prescribed information.

Failure to develop and apply written compliance policies and procedures that are kept up to date, and, in the case of an entity, are approved by a senior officer.

Failure to assess and document the risk of a money laundering or terrorist financing offence, taking into consideration prescribed factors.

The administrative monetary penalty has been paid in full by Cambrian Credit Union and proceedings have ended.

Quote

“Canada’s Anti-Money Laundering and Anti-Terrorist Financing Regime is in place to protect the safety of Canadians and the security of Canada’s economy. FINTRAC works with businesses to help them understand and comply with their obligations under the Act. We are also firm in ensuring that businesses continue to do their part and we will take appropriate actions when they are needed.”

Quick facts

As Canada's financial intelligence unit and anti-money laundering and anti-terrorist financing supervisor, FINTRAC ensures that businesses subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act comply with their obligations under the Act and associated Regulations. The Centre also analyzes information and discloses financial intelligence to law enforcement and national security agencies to assist their investigations of money laundering, terrorist activity financing, sanctions evasion and threats to the security of Canada.

Casinos, financial entities, money services businesses, real estate brokers and sales representatives and several other business sectors are required under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act to keep certain records, identify clients, maintain a compliance regime and report certain financial transactions to FINTRAC, including international electronic funds transfers, large cash transactions, large virtual currency transactions and suspicious transactions.

Suspicious transaction reporting, in particular, is critical to FINTRAC’s ability to generate actionable financial intelligence for Canada’s law enforcement and national security agencies.

Under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, administrative monetary penalties are meant to encourage change in the non-compliant behaviour of businesses.

In 2023–24, FINTRAC issued 12 Notices of Violation of non-compliance to businesses for a total of $26,115,999.50.

FINTRAC has imposed more than 140 penalties across most business sectors since it received the legislative authority to do so in 2008.