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Umbrella - Risk management

Regulatory Compliance

Often driven by international forces, the recent past has seen a significant increase in the number and complexity of regulatory compliance expectations at both the federal and provincial levels. While anti-money laundering (AML), anti-spam (CASL) and FATCA most readily come to mind as matters of regulatory compliance, they are far from being the only such issues. A host of other legislation, regulations and reporting requirements, as well as voluntary “Codes of Conduct” and “Guidelines” also direct financial institutions’ behaviour.

To help credit unions navigate this critical and rapidly changing area, CCUA partners with compliance experts at the regional Centrals to provide thought leadership, monitor developments in this space and undertake a range of activities in support of credit unions’ regulatory compliance efforts. Member login may be required.

Anti-Money Laundering

Canada’s anti-money laundering and anti-terrorist financing framework is administered through the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA), under which credit unions are required to meet a variety of customer identification, due diligence and record-keeping obligations, as well as to report suspicious and certain prescribed transactions to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).  



Canada’s privacy laws not only govern how organizations collect, use and disclose personal information, but also enable individuals to access and manage their personal information. A variety of tools and resources have been developed to help credit unions manage their obligations under personal information protection legislation.


Common Reporting Standard (CRS)

Slated to come into force in Canada on July 1, 2017, the CRS will require financial institutions, including all credit unions, to collect and report detailed information on accounts they maintain on behalf of residents of jurisdictions other than Canada or the U.S.



The Cannabis Act created a licensing and regulatory regime for the production, testing, packaging, transportation, sale, possession and disposal of cannabis on a recreational basis.


National Compliance Advisory Committee

The NCAC provides a forum for the exchange of information between CCUA and Canadian credit unions for best practices and challenges.


Foreign Account Tax Compliance Act (FATCA)

The Foreign Account Tax Compliance Act (FATCA) – U.S. legislation that requires financial institutions around the world, including many Canadian credit unions, to collect and report detailed financial account information of U.S. taxpayers – started coming into force in 2014.


Canada's Anti-Spam Legislation (CASL)

Canada’s anti-spam law (CASL) started to come into force in stages on July 1, 2014. The legislation is binding on any corporation, whether provincially or federally incorporated and goes beyond just regulating unsolicited emails, or “spam.”



Canadian Credit Union Association manages and provides professional services relating to the development, registration, maintenance and protection of trademarks and intellectual property on behalf of the credit union system.


European Union’s General Data Protection Regulations

The GDPR applies to companies that have a physical presence in the EU or engage in data processing activities that relate to offering goods or services to EU residents or monitoring the behaviour of EU residents within the EU, which may include tracking internet activity for behavioural advertising purposes. The GDPR will apply to businesses worldwide that engage in these activities.


Fact Sheets and Notices

Regulatory requirements are constantly evolving. Keeping up-to-date on emerging compliance issues and periodically refreshing knowledge of existing expectations can help credit unions manage these changes pro-actively.


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Compliance Articles

Compliance Articles provides media coverage covering AODA, CASL, FATCA, Money Laundering, OSHA and Privacy issues.

January 19, 2018
January 10, 2018
December 22, 2017
December 15, 2017
December 8, 2017
December 1, 2017
November 24, 2017
November 17, 2017

Upcoming Events & Webinars

Meet the Team

Brenda O’Connor, Vice President, General Counsel & Corporate Secretary
Beverly Cleveland, AVP, Compliance & Senior Legal Counsel
Brenda King, Compliance Analyst
Chantelle Thompson, Legal Counsel
Jan Hopper, Assistant Corporate Secretary & Chief Privacy Officer
Sabrina Kellenberger, Senior Manager, Regulatory Policy
Sharon Varney, Senior Manager, Compliance, Standards & Records
Nancy Wolowich, Divisional Coordinator

Contact Us

For more information on regulatory compliance and risk management, please contact us at: