Reported by: Matthew Horwood

Federal regulators yesterday fined a Toronto-based bank $676,500 for breach of regulations under the Proceeds Of Crime And Terrorist Financing Act. According to Blacklock’s Reporter, the penalty for Wealth One Bank of Canada was the steepest levied in two years.

“We will be firm in ensuring businesses continue to do their part,” Sarah Paquet, CEO of the Financial Transactions and Reports Analysis Centre, said in a statement. “We will take appropriate actions when they are needed.”

Wealth One Bank was cited for three paperwork violations and a fourth “very serious” infraction. “Wealth One Bank failed to submit suspicious transaction reports where there were reasonable grounds to suspect transactions were related to a money laundering offence,” the Centre said.

Read full report: https://www.westernstandard.news/news/toronto-bank-fined-676-000-for-failing-to-report-money-laundering/article_2f3ee394-bcfa-11ed-9274-6fe157af81b3.html