FINTRAC announced Thursday that it has imposed an administrative monetary penalty on Pathwise Credit Union. Following a compliance examination, this provincial credit union headquartered in Oshawa, Ontario, was imposed an administrative monetary penalty of $41,250 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 committed the following administrative violations including failure to develop and apply written compliance policies and procedures that are kept up to date, and, in the case of an entity, are approved by a senior officer and failure to assess and document the risk of a money laundering or terrorist activity financing offence, taking into consideration prescribed factors.

Pathwise Credit Union has paid the administrative monetary penalty in full and the case is closed.

“Canada’s Anti-Money Laundering and Anti-Terrorist Financing Regime is in place to protect the safety of Canadians, the security of Canadian businesses and the integrity of Canada’s financial system. The obligations in the Act deter criminals and terrorists from operating in the legitimate economy and ensure that FINTRAC receives the reporting needed to generate actionable financial intelligence in support of law enforcement and national security investigations. We will take firm action, when it is required, to ensure that businesses do their part and fulfill these obligations," Stéphane Sirard, Interim Director and Chief Executive Officer, FINTRAC, said in a statement.