Servus Credit Union Ltd

1618 Words Jan 12th, 2018 7 Pages
It is based in Edmonton, in Alberta, Canada. It is one of the areas largest credit union. Servus union was created as a merger of several regional credit unions in Alberta. These various credit unions have different histories and their roots go way back to 1938. The company was formerly known as Capital City Saving and Credit Union Limited. It changed its name in November 2006 to be known as it is today, Servus Credit Union Limited.
It is owned by these constituent unions, and they are the ones that operate it. Servus Credit Union Ltd was designated as one of Canada's 50 best managed companies and this gives it a mark of excellence. It is a member of the CBA (Canadian Bankers Association). It is also a registered member of the CUDGC (Credit Union Deposit Guarantee Corporation) which acts as a credit union regulator and insures 100% of their deposits.
Nonmarket Environment
Regulatory
Under the law, the credit union has some mandatory obligations. This includes reporting on financial information and intelligence to the Financial Transactions and Report Analysis Centre of Canada (FINTRAC) on suspected financial irregularities like money laundering. Money laundering happens in many ways, one of the most common types of money laundering is unregulated sale of securities. The credit union conforms to the…