Regulatory Alerts2023-03-24
FINTRAC imposes an administrative monetary penalty on Vision Bank Ltd.
FINTRAC imposed a $33,000 administrative monetary penalty on Vision Bank Ltd., a Markham-based money services business, for non-compliance with Canada’s anti-money laundering and terrorist financing regulations. The sanction addresses the institution's failure to submit requested compliance program documentation during a regulatory examination as required by the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. Issued to encourage corrective behavior rather than as punishment, the penalty underscores FINTRAC’s enforcement of compliance obligations across regulated financial sectors.
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