Mar 13, 2023

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. 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. The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org Share for a Chance to Win FREE #FFCON23 Virtual Event Tickets!! As a part of the lead-up to this exciting event, NCFA will be holding a social media contest for the chance to win FREE tickets to attend. In order to be entered to win, all you’ll need to do is share any of our event posts or create one of your own through your Facebook, Twitter, Instagram or LinkedIn personal or company page, tag @NCFACanada, and use #FFCON23. Winners will be contacted prior to the event. We look forward to seeing you there! Support NCFA by Following us on Twitter!