News

August 22, 2012

“In its three years of operation, clients with active vCAMLO programs implemented have never been subjected to a FINTRAC notice of penalty.”

- August 22, 2012 News Release

To date, credit unions in Canada have paid nearly $400,000 to FINTRAC for anti-money laundering compliance failures. Substantially all penalties result from repeat examination deficiencies. Deficiencies can be averted with the implementation of well documented compliance programs, uniform execution, ongoing monitoring and oversight. Credit unions that have received penalties, and those that are worried about them, have outsourced AML compliance functions to vCAMLO. In 2012 alone, vCAMLO clients have been through six examinations, without being cited for any compliance program deficiencies.

In its three years of operation, clients with active vCAMLO programs implemented have never been subjected to a FINTRAC notice of penalty. vCAMLO AML compliance programs include best-in-class anti-money laundering risk assessments, policies and procedures, and training programs. Leveraging Verafin risk monitoring technology, vCAMLO also relieves clients of AML administrative burden, by filing prescribed reports, assessing client and transaction records against FINTRAC’s expectations, and conducting ongoing monitoring for suspicious activities.”