At Meridian Credit Union, we recognize the serious social harm that financial crime can cause. A strong AML program is not only a regulatory requirement but also an essential part of supporting safe and meaningful Member relationships.
Meridian maintains an Anti-Money Laundering, Anti-Terrorist Financing, and Sanctions (AML) Program designed to prevent our products and services from being misused for illicit activity, including money laundering, terrorist financing, or sanctioned conduct. We take an ongoing risk-based approach that allows us to focus resources where risks are higher, while maintaining consistent standards across the organization. As the world and regulatory expectations change, we continue to evolve our program to meet heightened standards.
Our Governance Framework
Our AML Program is established at the enterprise level and applies across all businesses and jurisdictions in which Meridian operates. It is supported by clear policies and procedures, governance, Board and senior leadership oversight, and accountability across the organization. The program is led by our Chief Anti-Money Laundering Officer, who is accountable to the Board, senior management and regulators for the design, effectiveness, and ongoing oversight of the program. The Board and senior management set a strong “tone at the top,” reinforcing a culture of integrity, compliance, and responsible risk management. We regularly review and enhance our governance and reporting practices to ensure they remain aligned with evolving regulatory expectations.
Knowing Our Members
Understanding who we do business with is a cornerstone of effective AML risk management. Meridian applies Member due diligence practices that align with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and the applicable laws and regulations in the jurisdictions where we operate.
This includes verifying Member identity using reliable information, understanding ownership and control structures, assessing Member risk, and applying enhanced measures for higher-risk relationships, such as politically exposed persons or certain non-face-to-face Members. These measures help ensure that we maintain appropriate safeguards while delivering a positive Member experience.
Our AML and Sanctions Program
We continuously monitor Member activity using a combination of analytics, technology, and professional judgment. This allows us to identify unusual or potentially suspicious activity and take appropriate action when needed.
Where required, Meridian reports prescribed and suspicious transactions to the appropriate authorities, in accordance with applicable laws. These processes are an important part of our contribution to broader efforts to combat financial crime.
We have a dedicated team of financial crime risk specialists supported by technology and data-driven tools that enhance our ability to detect and deter illicit activity. Our front-line employees also play an important role. Through training and clear escalation channels, they act as the first line of defence by identifying and raising unusual activity encountered while serving Members.
The effectiveness of our AML Program is independently tested through regular reviews, including audits, to assess compliance with regulatory requirements and expectations and the strength of our controls. Findings are addressed through formal remediation processes and ongoing oversight.
Through strong governance, risk-based controls, skilled people, and continuous improvement, Meridian is committed to managing money-laundering, terrorist-financing, and sanctions risks responsibly. Our AML Program supports the safety and soundness of our institution and reinforces the trust our Members place in us every day.
Steven Humanski
Chief Anti-Money Laundering Officer