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Press Release | Canada

Press Release: Credit Union Helps New Canadians Support Their Families

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Toronto - Starnews Credit Union has developed new payment and treasury services for Money Services Businesses (MSBs), supported by financial services compliance experts Williams McGuire AML Inc.

Over 25% of new Canadians send money to support their families in developing countries.  Typically, they send their funds through MSBs – culturally based institutions with connections to the destination country for little to no charges.  However, tightened regulations and practices around compliance among big banks have made the banking relationships and services that MSBs need to operate scarce.

Starnews has teamed up with Williams McGuire to measure MSB applicants against strict standards, and to rigorously monitor their day-to-day activities for compliance with regulatory and risk standards, such as those related to trade sanctions and anti-money laundering. “Starnews is a leader among credit unions, meeting a very important need in the MSB market with a considered risk-sensitive approach, and we are delighted to be helping them with this initiative” says Matthew McGuire, Director of Williams McGuire.

MSBs will hold their bank accounts at Starnews and can apply for payment services such as wire transfers, pre-authorized debits and credits, as well as treasury services, such as foreign exchange and other deposit accounts. Starnews has received applications from MSBs looking to expand the services they provide to their communities. 

Starnews’ CEO, George De La Rosa, has expanded the credit union’s membership base from its original focus on employees of the Torstar Corporation, during his 7 years there. According to De La Rosa, “Our growth has been driven by our commitment to credit union values:  a focus on relationships, innovation, ethical conduct, and caring about our members and the communities we serve.  Helping MSBs serve their communities is a natural way for us to build Starnews’ presence in the GTA”.  Starnews serves anyone living or working in Ontario, and giving their members/customers access to their accounts across Canada through its ATM network alliance with THE EXCHANGE® Network.

About Starnews Credit Union
Starnews is a credit union owned and operated by its members, with a board elected from membership during annual elections. The credit union was originally formed in 1951 to serve Toronto Star employees. Today they service anyone living or working in the province of Ontario.
Find out more at

About Williams McGuire AML Inc.
Williams McGuire AML’s mission is to passionately protect our clients and country from the harms of money laundering, terrorist financing and other financial crime through tailored and informed risk and compliance solutions. We do this by analyzing risk, creating effective controls and assessing existing compliance regimes and controls.  Our team is comprised of dedicated full-time professional subject matter experts who understand our clients regulatory and risk mitigation needs.
Find out more at


Starnews Credit Union
George De La Rosa, Chief Executive Officer
(416)366-5534 ext. 227

Williams McGuire AML Inc.
Matthew McGuire, Director
(416)969-8166 ext. 227


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