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Administrative monetary penalty on Vision Bank Ltd.

From: Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)


Vision Bank Ltd., also operating as Vision Bank (Canada), a money services business in Markham, Ontario, was imposed an administrative monetary penalty of $33,000 on March 8, 2023, for committing one violation. The violation was found during the course of a compliance examination in 2022. The case is closed.

Nature of violation

Violation #1

Failure to provide, in accordance with a notice, documents or other information reasonably required by an authorized person – Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations, paragraph 63.1(2)

Vision Bank Ltd. failed to provide, in accordance with a notice, the requested compliance program documentation for purposes of a compliance examination.

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