PRAIRIE CENTRE CREDIT UNION (2006) LTD.  ANTI-MONEY LAUNDERING and ANTI-TERRORIST FINANCING POLICY STATEMENT

Approved by the Board of Directors June 24, 2010

Money laundering is a criminal offence in Canada.  It is defined as any act or attempt to disguise the source of money or assets direct from criminal activity. 

The credit union system works in co-operation wiht the Federal government, law enforcement, and other partners and affiliates to put effective anti-money laundering and anti-terrorist financing into its operating policies and procedures.

These policies and procedures comply with all requirements under the legislation for the Proceed of Crime (Money Laundering) and Terrorist Financing Act (PCMLTF) and its Regulations, the Anti Terrorist Act, the United Nations Suppression of Terrorism Regulations and The Canadian Criminal Code.

Prairie Centre Credit Union is committed to preventing the use of its financial products and services for money laundering purposes and anti-terrorist financing.  To ensure legislative regulations are met, your credit union must ensure that:

• Members / Clients are only accepted if their financial activities and transactions are reasonably established to be legitimate and their identity as ascertained when opening and maintaining an account.
• Employees are trained to recognize and react as required to unusual or potential money laundering activities and fully understand their legal obligations on reporting required activities and transactions.
• Records are kept and retained as required regarding member / client information, including the reporting of certain transactions such as large cash and suspicious transactions.

The credit union will not knowingly transact business with suspicious or sanctioned individuals, entities and / or countries identified by government agencies, law enforcement, regulators, or United Nations resolutions.  Any property held in the name of a listed person or entity is frozen and the disposition is reported to the appropriate agency as required by law.

Oversight of these legislative and regulatory requirements is an important aspect of the credit union's compliance mandate.  In this regard, the credit union has appointed a senior officer accountable to senior managment and the board of directors who is responsible for:

• The task of overseeing the credit union's policies, practices, and procedures regarding anti-money laundering and anti-terrorist financing.
• The regular review of policies to test their effectiveness.
• The implementation of ongoing training for employees.