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FINTRAC Gives Fair Warning to Credit Unions in Ontario

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At a recent meeting with the Deposit Insurance Corporation of Ontario (DICO), The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) stated that, as it has now examined every Ontario credit union and caisse populaire at least once, there will be no tolerance for non-compliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) going forward. FINTRAC has clearly and strongly stated that if findings of deficiency are not properly addressed by the time of its second visit, an increase in the number and severity of fines issued can be expected. Therefore, all credit unions and caisses popularizes would be well-advised to review their AML policies, procedures and practices to ensure they comply with the PCMLTFA.

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About the Author:

Matthew McGuire is a National AML Practice Leader, Chartered Accountant, Certified Anti-Money Laundering Specialist, an accredited Anti-Money Laundering Professional, a founder of the Canadian Institute for Financial Crime Analysis at Seneca College, and a graduate and instructor of the University of Toronto’s Investigative and Forensic Accounting Program.

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