CCUA's Anti-Money Laudering (AML) page under the Regulatory Compliance section of our website contains many documents, links to important information and templates to help you with your AML compliance needs. For example, Recent Amendments to AML Laws: What Credit Unions Need to Know, is a comprehensive summary of the AML changes and what credit unions will need to address in the preparation for the coming into force of these new rules.
We also have a Risk Assessment tool to guide credit unions to identify and determine the AML risks that are applicable to their organization. The tool contains a series of questions that feed into a risk dashboard, and looks at inherent risks, and mitigating controls.
Another helpful document recently added is the Suspicious Transaction Report (STR) narrative writing template. If you struggle with STR writing, this template may help you report more thoroughly, and in a consistent manner.
The Regulatory Compliance team also regularly provides updated lists of designated persons under the several Canadian sanctions laws. You can review the lists for manual checking, and they are also formatted for uploading into Verafin software for electronic checking. We are currently working to include the lists recently removed from the OSFI webpage. If you have questions about this, or any other regulatory compliance needs, please contact Bev Cleveland or Brenda King.