The Financial Transactions and Reports Analysis Centre of Canada published a notice that it imposed an administrative monetary penalty of CAD 42,075 on VersaBank following a compliance assessment. The penalty relates to non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated Regulations. VersaBank, headquartered in London, Ontario, was found to have failed to develop and apply written compliance policies and procedures that were kept up to date and approved by a senior officer, and to have failed to take special measures for high-risk clients. The penalty was imposed on February 23, 2026, has been paid in full, and the case is closed.
Financial Transactions and Reports Analysis Centre of Canada 2026-05-05
Financial Transactions and Reports Analysis Centre of Canada imposes CAD 42075 penalty on VersaBank for anti money laundering compliance failures
The Financial Transactions and Reports Analysis Centre of Canada imposed an administrative monetary penalty of CAD 42,075 on VersaBank for non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated Regulations. Deficiencies included failures to maintain senior officer–approved written compliance policies and procedures and to take special measures for high-risk clients; the penalty has been paid in full and the case is closed.