Synopsis
As FINTRAC assessments tighten up amid evolving financial
crimes, it's critical your credit union has a rock-solid risk
assessment framework.
In the current climate of regulatory compliance obligations,
Canadian credit unions face a critical challenge: keeping up with
evolving anti-money laundering (AML) legislation and key regulatory
commitments.
From 2022 to 2024, the Financial Transactions and Reports
Analysis Centre of Canada (FINTRAC) has fined three of the top five
financial institutions in Canada. They've also levied fines on
credit unions and other banks operating in the country.
As financial crimes, like money laundering and terrorist
financing, become more sophisticated and complex, credit unions
need to enhance their risk mitigation efforts. Stronger and
stricter measures are needed to protect their AML programs from
risks and threats. With FINTRAC increasing its oversight, it's
critical your credit union identifies its risks and follows
