CCUA's Sabrina Kellenberger, Senior Manager, Regulatory Policy and Marc-André Pigeon, Assistant Vice President for Financial Sector Policy appeared as witnesses in front of the House of Commons Finance Committee as part of its review of the Proceeds of Crime and Terrorist Financing Act.
The full appearance can be watched online on the Parliament of Canada website.
They noted that domestic and international research has consistently found that meeting regulatory compliance obligations, especially for money laundering and terrorist financing activities, impose a disproportionately heavy burden on credit unions. They proposed that the Government of Canada adopt a risk based approach that would provide increased due diligence in situations where a certain amount of risk exists, and less for more routine transactions.
CCUA continues to engage with policy makers to achieve a balance between a robust regulatory framework and reasonable compliance costs.