Wealth One Bank of Canada, a federally chartered Canadian Schedule 1 digital bank, today responded to the Financial Transactions and Reports Analysis Centre of Canada's (FINTRAC) findings of administrative deficiencies at the Bank, while also addressing other recent allegations made against the Bank.
During a routine compliance examination, which the bank was notified of in June 2022, FINTRAC identified administrative deficiencies in relation to policies and procedures, record keeping, and reporting. None of these deficiencies were related in any way to money laundering.
"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," said Paul Leonard, President and CEO. "The bank takes these matters very seriously and addresses them through continuous improvements and in the normal course of its engagement with the regulators."
"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," Mr. Leonard said. "WealthONE's board of directors retained external professionals to conduct extensive reviews of the bank's operations and the conclusion from multiple assessments was clear – WealthONE is operating in a manner consistent with expectations of a Canadian bank in our highly regulated, compliance focused industry."
The bank has cooperated fully with the regulatory authorities throughout this investigation and welcomes the conclusion by FINTRAC that the several administrative deficiencies are not related to money laundering or terrorist financing offences. The bank's board has approved the payment of the fine and this matter is now closed.
WealthONE remains committed to maintaining the highest standards of ethical conduct and regulatory compliance. The bank will continue to work diligently to ensure that its operations meet or exceed all regulatory requirements and thanks its clients, employees, and business partners for their continued support.