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FINTRAC imposes an administrative monetary penalty on Taiwanese Canadian Toronto Credit Union Limited

From the Financial Transactions and Reports Analysis Centre

News Release

March 15, 2022, Ottawa ON

FINTRAC announced today that it has imposed an administrative monetary penalty on Taiwanese Canadian Toronto Credit Union Limited. This credit union in Markham, Ontario, was imposed an administrative monetary penalty of $297,000 on November 1, 2021, for non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its associated Regulations.

Taiwanese Canadian Toronto Credit Union Limited was found to have committed the following violations:

Quote

“Canada’s Anti-Money Laundering and Anti-Terrorist Financing Regime is in place to protect the safety of Canadians and the security of Canada’s economy. 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.”

Sarah Paquet, Director and Chief Executive Officer, Financial Transactions and Reports Analysis Centre of Canada

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Media Relations
Financial Transactions and Reports Analysis Centre of Canada
613-947-6875
media.medias@fintrac-canafe.gc.ca

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