/Risk, Fraud & Compliance
Keeping everybody's money safe.
Canadian banking regulations are set to become more complex over the next decade, rather than less. Managing it all is anticipated to be a huge administrative burden for smaller financial institutions. Central 1 has your back. Our Risk, Fraud, and Compliance solutions keep up with ongoing regulatory changes so you don’t have to. Work with the company that adapts to change the fastest. That’s Central 1.
/Compliance
First, we start with the basics: prescribed filing services for large cash and wire transactions, a risk and compliance regime, suspicious transaction services, and bi-annual effectiveness reviews mandated by Fintrac. Once we help you put those in place, your Compliance Officers will be freed up to move onto the challenges of upcoming regulatory requirements. And there will be many.
/Fraud
The key to defeating fraud is to act fast and on good information. Central 1’s Fraud Solutions does just that, preventing losses nationally. We act as the liaison between Interac®, our online banking platform and financial institutions like yours to detect, alert, report and stop unusual online transactions. We also prevent attacks on the debit card/ATM system by monitoring transactions with a smart, rules-based system that works in the background.
Our Fraud Solutions team is everywhere, working on everything with a nationwide 24/7/365 loss prevention presence. We collect, analyze, and disseminate fraud intelligence from a variety of sources such as INTERAC®, RSA, CCIRC, law enforcement and other financial institutions to ensure the security of your debit and online banking transactions.
/Insurance
We take risks to your FI very seriously. That’s why Central 1 provides access to the kinds of insurance your business needs to fully protect itself. General, property, errors & omissions, and much more. Enjoy the kinds of high policy limits only Central 1 can negotiate because of its size and because we have you, and so many businesses like yours, as policy holders.
/IFRS 9 National Reporting Platform
A customizable, analytical solution that goes beyond requirements.
/Westoba Credit Union
/Product Compliance and Design
Ready. Set. Go. Forms and documents for every account you open.
Save yourself the hassle and uncertainty of creating and maintaining your own core banking, personal and commercial account opening forms and documents. Our Operations Manual Program provides access to a library of forms and documents you need to service your customers.