FINTRAC penalises VersaBank $42,075 for AML/CFT gaps, including outdated compliance controls and weak high-risk client measures, with the case now closed after payment

The regulator identified that the bank had outdated compliance policies and procedures that were not properly maintained or approved, and failed to apply enhanced due diligence and special measures for high-risk clients, both of which are key requirements in a risk-based AML framework. The penalty was issued after a compliance assessment, has been fully paid, and the matter is now officially closed…