FINTRAC DOES IT AGAIN!
Tuesday Mar 14th, 2023
FINTRAC announced today that it has imposed an administrative monetary penalty on Wealth One Bank of Canada. This bank in Toronto, Ontario, was imposed an administrative monetary penalty of $676,500 on February 15, 2023, for non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its associated Regulations. These administrative deficiencies are not related to money laundering or terrorist financing offences. The administrative monetary penalty has been paid in full by Wealth One Bank of Canada and the case is closed.