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FINTRAC imposes an administrative monetary penalty on Wealth One Bank of Canada

News release

March 6, 2023—Ottawa—Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)

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.

Wealth One Bank of Canada was found to have committed the following administrative violations:

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.

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“Canada’s Anti-Money Laundering and Anti-Terrorist Financing Regime is in place to protect the safety of Canadians and the security of Canada’s economy. FINTRAC will continue to work with businesses to help them understand and comply with their obligations under the Act. We will also be firm in ensuring that businesses continue to do their part and we will take appropriate actions when they are needed.”

Sarah Paquet, Director and Chief Executive Officer, Financial Transactions and Reports Analysis Centre of Canada

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Media Relations
Financial Transactions and Reports Analysis Centre of Canada
613-947-6875

media.medias@fintrac-canafe.gc.ca

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