Canada’s financial intelligence unit FINTRAC has announced administrative monetary penalties totalling C$816,750 against four credit unions following compliance examinations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated regulations.
The largest penalty, C$676,500, was imposed on Caisse populaire acadienne ltée, operating as UNI Financial Cooperation. Caisse Alliance was fined C$82,500, Pathwise Credit Union C$41,250 and Your Neighbourhood Credit Union Limited C$16,500.
FINTRAC’s findings covered core AML compliance obligations. UNI Financial Cooperation was cited for three violations, including failure to report transactions where there were reasonable grounds to suspect a connection to money laundering or terrorist financing. Pathwise was found to have incomplete compliance policies and procedures and deficiencies in assessing and documenting money laundering and terrorist financing risk.
Caisse Alliance was cited for four violations involving deficiencies in its compliance framework and implementation. Your Neighbourhood Credit Union was penalised for failure to adequately apply written compliance policies and procedures.
All four institutions paid their respective penalties in full and FINTRAC states that each case is closed.
The four notices, all published on 24 September 2026, provide a useful cross-section of the compliance weaknesses FINTRAC identifies during examinations, spanning suspicious transaction reporting, institutional risk assessment and the practical implementation of written AML controls.
Sources
Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), administrative monetary penalty notices for UNI Financial Cooperation, Caisse Alliance, Pathwise Credit Union and Your Neighbourhood Credit Union Limited, published 24 September 2026.
