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Email this3:51 pm
January 10, 2018
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News release
March 6, 2023—Ottawa—Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)
FINTRAC announced today that it has imposed an administrative monetary penalty on Wealth One Bank of Canada. This bank in Toronto, Ontario, was imposed an administrative monetary penalty of $676,500 on February 15, 2023, for non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its associated Regulations.
Wealth One Bank of Canada was found to have committed the following administrative violations:
These administrative deficiencies are NOT related to money laundering or terrorist financing offences. The administrative monetary PENALTY HAS BEEN PAID IN FULL by Wealth One Bank of Canada and THE CASE IS CLOSED.
4:01 pm
January 10, 2018
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Globe & Mail has just released this article two hours ago ( only available with subscription):
Wealth One fined $676,500 for failing to comply with anti-money laundering law
https://www.theglobeandmail.com/politics/article-wealth-one-money-laundering-law/#comments
5:39 pm
February 25, 2023
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And so everyone sees the headlines "WealthOne" and "Money Laundering" and the conclusion is WealthOne is corrupt. Pure Government media smear tactics. Probably all they were guilty of is improper book keeping techniques.
6:19 pm
October 21, 2013
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Personally, I'd rather know than not know.
6:27 pm
October 27, 2013
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Iconoclast said
And so everyone sees the headlines "WealthOne" and "Money Laundering" and the conclusion is WealthOne is corrupt. Pure Government media smear tactics. Probably all they were guilty of is improper book keeping techniques.
The headline may be inappropriate but the callous disregard for regulatory reporting requirements is a sign of looking the other way, if not contempt and complicity.
6:38 pm
February 25, 2023
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Unfortunately it is somewhat akin to accusing someone of rape or pedophilia, once the accusation is out there, there is no retraction in the eyes of the public, even if the person is innocent.
6:41 pm
October 21, 2013
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No, it's not at all like rape or pedophilia.
It's not 'he said, she said'.
There are documents that are required by law and they do not exist. That's a big problem.
6:52 pm
March 15, 2019
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Iconoclast said
Probably all they were guilty of is improper book keeping techniques.
I think Home Trust also ran into the same kind of deficient documentation issue.
7:01 pm
October 27, 2013
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COIN said
I think Home Trust also ran into the same kind of deficient documentation issue.
Maybe but I believe their problems started by not doing sufficient due diligence and auditing of a good number of mortgage broker processes, i.e. lapses in mortgage brokers not pursuing and checking for factual data (versus forged/doctored documents). As I understand it, mortgage brokers have some(?) duty to verify/validate documentation and the mortgage companies like Home Trust rely to some extent on their work. That is for a different thread though....
Back to the subject matter at hand, I've typically had some difficulty with upstarts and junior institutions who "may" be cutting corners in their effort to be profitable.
8:02 pm
February 25, 2023
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Loonie said
No, it's not at all like rape or pedophilia.It's not 'he said, she said'.
There are documents that are required by law and they do not exist. That's a big problem.
It is the same because it is trial by media.
8:03 pm
February 25, 2023
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"Facing pressure, PM punts on Chinese election interference allegations"
Perhaps these two separate stories are somehow connected.
8:46 pm
October 21, 2013
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No, it's not trial by media. As I said, it's about laws and documents.
But there obviously isn't much point in pointing that out to you as you will just hop from one accusation to another.
9:24 pm
February 25, 2023
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Wealth One fined $676,500 for failing to comply with anti-money laundering law
When this is the headline, it is definitely trial by media.
4:21 am
October 5, 2017
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Wealth One fined $676,500 for failing to comply with anti-money laundering law
is NOT A TRIVIAL PENALTY !
Shenglin Xian
Wealth One Bank of Canada (stylized as WealthONE) is a Canadian Schedule I bank opened in 2016 with a focus on providing services to Chinese-Canadians.
...
Wealth One Bank of Canada.
Type Private Schedule I bank
Founder Shenglin Xian
Headquarters 170 Sheppard Ave East, Toronto, Ontario , Canada
Is Shenglin Xian a Chinese citizen and by extension owned by the Chinese government?
"The murky beginnings of a new Canadian bank "
from Globe and Mail .....PUBLISHED NOVEMBER 24, 2016
Where there is smoke there is fire !
Could this be a Bernie Madoff moment ?
4:59 am
March 30, 2017
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Iconoclast said
Wealth One fined $676,500 for failing to comply with anti-money laundering law
When this is the headline, it is definitely trial by media.
Point out which part of that statement is NOT the truth ?
6:38 am
February 25, 2023
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By making that the headline, "Globe and Mail" implies, WealthOne was involved in money laundering. Those who do not read further will be left with that impression.
Fintrac specifically states "These administrative deficiencies are NOT related to money laundering or terrorist financing offences"
7:33 am
April 6, 2013
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Yes, the offences are related.
Wealth One Bank got lucky. Those suspicious transactions they should have reported to FINTRAC didn't turn out to be actual money laundering. Same with their missing compliance policies and procedures that are required by anti-money laundering law and regulations. Lucky for the bank no terrorist or money launderer realized the bank was missing those policies and procedures.
9:06 am
October 27, 2013
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I find it interesting, and a bit disturbing, how some seem to be coming to the defense of Wealth One. I believe in a heavy regulatory hand on FIs which flagrantly disregard the law. This one really does smell.
10:16 am
December 26, 2018
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Most of them are their investors so defending them makes sense 
11:11 am
March 30, 2017
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Iconoclast said
By making that the headline, "Globe and Mail" implies, WealthOne was involved in money laundering. Those who do not read further will be left with that impression.Fintrac specifically states "These administrative deficiencies are NOT related to money laundering or terrorist financing offences"
This is exactly what Fintrac said:
"Failure to assess and document the money laundering or terrorist activity financing risks of its geographic locations, as well as products and delivery channels;"
I will argue you are "implying" what G&M is "implying".... See how silly that is when you accuse someone of "implying".
And why would the Fed and now G&M keep trying to bash WealthOne ? They step on Trudeau's toes??
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