FINTRAC: News release: FINTRAC imposes an administrative monetary penalty on Caisse populaire acadienne ltée

• FINTRAC (Canada) - News states the penalty was imposed on July 23, 2026, after a compliance examination found 4 failures to report suspicious transactions.
• FINTRAC (Canada) - News notes that in 2025–26, FINTRAC issued 35 notices of violation for more than $247 million, the largest number in one year.

FINTRAC announced on September 24, 2026, that Caisse populaire acadienne ltée, also known as UNI Financial Cooperation, was penalized $676,500 for non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. The penalty was imposed following a compliance examination and included failures to report suspicious transactions and maintain proper compliance policies.

The credit union failed to report financial transactions in 4 instances where there were reasonable grounds to suspect links to money laundering or terrorist activity financing. It also failed to develop and apply written compliance policies and procedures, and to assess and document risks related to money laundering and terrorist activity financing. The penalty has been paid in full and the case is closed.

• $676,500 Penalty imposed on Caisse populaire acadienne ltée
• 4 Instances of failure to report suspicious transactions
• 35 Notices of violation issued by FINTRAC in 2025–26

• Review and update written compliance policies and procedures as required by Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.
• Ensure all suspicious transaction reporting obligations are met, referencing the 4 instances cited in the FINTRAC penalty.
• Assess and document risk factors and relevant developments as prescribed by FINTRAC’s administrative monetary penalties policy.

This case highlights FINTRAC’s strict enforcement of AML/CFT obligations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. The penalty of $676,500 for failures in reporting, policy development, and risk assessment demonstrates the importance of robust compliance regimes. Compliance officers must ensure their institutions meet all reporting and documentation requirements, as lapses can result in significant financial penalties and regulatory scrutiny, impacting both operational integrity and reputational risk.