March 23, 2007

CUSOURCE® Credit Union Knowledge Network is poised to update its e-course “Detecting and Preventing Money Laundering” in response to anticipated changes to the federal The Proceeds of Crime (Money Laundering) and Terrorism Financing Act.

Although new regulations have not yet been passed by Parliament, Credit Union Central of Canada (Canadian Central) has already asked Grant Thornton LLB, chartered accountants and management consultants, to review the current material in CUSOURCE Knowledge Network’s e-course “Detecting and Preventing Money Laundering” and identify where updates will likely be required.

 “CUSOURCE Knowledge Network and Canadian Central both recognize the importance of providing credit unions with information in a timely manner.  With this in mind, we are actively working with Grant Thornton to ensure that the information needed by credit
union staff is available as soon as possible,” says Jan Hopper, Senior Manager, Standards and Compliance, Credit Union Central of Canada.

When the proposed regulations are finalized, all credit union employees will have access to the revised anti-money laundering e-course as part of their annual CUSOURCE Knowledge Network subscription. As in the past, reporting entities across Canada will likely be given time to comply with the new regulations and to prepare all employees before the amended legislation comes into force.

Some of the proposed legislative changes include: a requirement to report “attempted” suspicious transactions, enhanced client identification measures, and possibly creating an Administrative Monetary Penalty system.

Stay tuned—updates will be posted on www.cusource.ca as soon as they are available.

Regional Offices of CUSOURCE Knowledge Network:

British Columbia
604-730-6099 or 1-877-780-4646

Saskatchewan & Alberta
306-566-6197 or 1-866-367-8404

Manitoba
416-232-3731 or 1-866-664-6166

Ontario
416-232-3446 or 1-800-267-2842

Atlantic
902-493-3987 or 1-866-449-9991

CUSOURCE® & Design are trademarks owned by Credit Union Central of Canada, used under license.