Regulatory Alerts2026-05-05
FINTRAC imposes an administrative monetary penalty on VersaBank
FINTRAC imposed a $42,075 administrative monetary penalty on London, Ontario-based VersaBank for non-compliance with Canada’s Proceeds of Crime (Money Laundering) and Terrorist Financing Act. The bank was cited for failing to establish, maintain, and secure senior officer approval for written compliance policies, as well as neglecting required special measures for high-risk clients. The penalty has been paid in full, concluding the enforcement action as FINTRAC continues to enforce anti-money laundering obligations across the financial sector.
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