Federal anti-money laundering agency the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has sanctioned a credit union for compliance violations.
FINTRAC announced that it has imposed a $297,000 administrative monetary penalty on Markham, Ont.-based Taiwanese Canadian Toronto Credit Union Ltd. for failing to comply with the AML rules.
The agency said the firm failed to submit suspicious transaction reports, failed to adopt policies and procedures for verifying client identity, and failed to properly assess the money laundering risks of its products, delivery channels and clients.
“FINTRAC is committed to working with businesses to help them understand and comply with their obligations under the Act. 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,” said Sarah Paquet, director and CEO of FINTRAC, in a release.