In short
- FINTRAC issued 35 notices of violation in 2025–26, the largest number in one year in the Centre’s history (FINTRAC).
- FINTRAC generated 7,214 financial intelligence disclosure packages based on 3,007 unique disclosures last year (FINTRAC).
What happened
FINTRAC announced it imposed an administrative monetary penalty of $41,250 on Pathwise Credit Union following a compliance examination. The penalty was issued on June 4, 2026, for non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated Regulations.
Pathwise Credit Union was found to have failed to develop and apply written compliance policies and procedures, and failed to assess and document the risk of money laundering or terrorist activity financing offences. The credit union has paid the penalty in full and the case is now closed.
We will take firm action, when it is required, to ensure that businesses do their part and fulfill these obligations.
In numbers
- $41,250 Penalty imposed on Pathwise Credit Union
- 35 Notices of violation issued in 2025–26
- 7,214 Financial intelligence disclosure packages generated last year
Named in this item
Organization, regulator CA — —
What compliance teams should check
- Review Pathwise Credit Union's written compliance policies and procedures for updates and senior officer approval.
- Assess and document the risk of money laundering or terrorist activity financing offences using prescribed factors as required by Part 1 of the Act.
- Monitor FINTRAC's administrative monetary penalties policy and public notices for changes relevant to compliance obligations.
Why it matters
This story highlights FINTRAC's enforcement of compliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, emphasizing the importance of maintaining up-to-date written compliance policies and risk assessments. The penalty imposed on Pathwise Credit Union demonstrates FINTRAC's commitment to ensuring that financial institutions fulfill their AML/CFT obligations. Compliance officers must be vigilant in reviewing and updating their compliance regimes to avoid similar penalties and support actionable financial intelligence for law enforcement and national security agencies.
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