Anti–money laundering regulators have penalized London, Ont.–based Libro Credit Union Ltd. for violating anti–money laundering rules.

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) imposed an administrative monetary penalty of $156,750 on the institution for compliance violations.

Specifically, FINTRAC said the firm failed to submit suspicious transaction reports and to take “special measures” to mitigate its high risks.

“FINTRAC is committed to working with businesses to help them understand and comply with their obligations under the [Proceeds of Crime (Money Laundering) and Terrorist Financing] Act,” said Sarah Paquet, director and CEO of the agency, in a release. “At the same time, we will be firm in ensuring that businesses continue to do their part, and we will take appropriate actions when they are needed.”