Regulatory Alerts2023-03-06
FINTRAC imposes an administrative monetary penalty on Wealth One Bank of Canada
FINTRAC imposed a $676,500 administrative monetary penalty on Wealth One Bank of Canada for violating the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. The institution failed to establish required compliance policies, assess money laundering and terrorist financing risks across its locations and products, maintain adequate record-keeping procedures, and file suspicious transaction reports. These administrative breaches do not indicate actual criminal activity, and the bank has paid the penalty in full to resolve the matter.
Share