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Digital Bank, WealthONE, Fined by FINTRAC

Investment Executive | James Langton | March 6, 2023

WealthOne bank of canada - Digital Bank, WealthONE, Fined by FINTRAC

WealthONE paid $676,500 penalty amid compliance lapses

  • Toronto-based digital bank WealthOne Bank of Canada has been sanctioned for compliance violations by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).
  • The federal agency announced that it imposed a $676,500 monetary penalty on the bank after finding various compliance shortcomings, including failing to develop certain policies, record-keeping failures and failing to submit suspicion transaction reports.
  • In a release, FINTRAC said that the penalty has been paid, and noted that the violations aren’t related to money laundering or terrorist financing offences.
    • WealthONE said that the deficiencies were uncovered in a routine compliance exam in June last year.

View WealthONE's response to FINTRAC --> here

Paul Leonard, president and CEO of WealthONE:

The bank works closely with regulators and has an ongoing program for enhancing and strengthening our compliance programs. Any issues identified are immediately addressed, including those identified by FINTRAC.  To be clear, this has nothing to do with money laundering and any allegation that the bank, or anyone who works here, may be involved in money laundering is completely unfounded.

Continue to the full article --> here

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