Anti-Money Laundering
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Credit Unions

Background

Most Credit Unions are provincially regulated and as such your regulator will vary depending on the provinces you operate in.  On a federal level, Credit Unions have a regulator relationship with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). If you are a federal Credit Union you will also be regulated by the Office of the Superintendent of Financial Institutions Canada (OSFI).  

As an organization that collects personal information (PI), The Office of the Privacy Commissioner of Canada will govern your practices regarding personal information. Industry members may also be subject to additional provincial level requirements, depending on where you’re doing business.

How Outlier Can Help

Because Credit Unions can be large and diversified in their product offerings, Outlier offers custom Compliance program component design.  The documentation that we create is intended to work with your existing compliance regime and business practices.

In all of our engagements, we look for ways to streamline your existing practices and empower business, while mitigating your regulatory risk.  Our consultants have completed work for both provincially and federally regulated financial services companies that includes:

We also offer customized training packages that incorporate your practices including specialized training for:

If you have been contacted by a regulator and require immediate assistance, please contact us.


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