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Financial Transactions and Reports Analysis Centre of Canada
Year 2000Regulated by Government
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)，founded in 2000, is Canada’s financial intelligence unit (FIU)， with its headquater located in Ottawa. FINTRAC is established by, and operates within the ambit of, the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and its Regulations. The Centre is mainly responsible for the detection, prevention and deterrence of money laundering and the financing of terrorist activities financing and other threats to the security of Canada.
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Disclosure summary
- Disclosure matching Name matching
- Disclosure time 2023-03-24
- Reason for punishment 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.
Disclosure details
Administrative monetary penalty on Vision Bank Ltd.
Administrative monetary penalty on Vision Bank Ltd.
From: Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)
[2023-03-24]
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.
Annex
More regulatory disclosure
Sanction
2023-12-07
Sanction
2022-04-29
FINTRAC imposes an administrative monetary penalty on Laurentian Bank of Canada 
Laurentian Bank Securities