Category: Banking

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AML Update: Not So Fast – Implementation of New Identity Verification Requirements Extended

June 14, 2017

As many professionals who follow Canadian anti-money laundering legislation are aware, on June 17 and June 30, 2017 respectively, new provisions of the Regulations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act are to come into force that deal with, among other things, domestic politically exposed persons (PEP) requirements and new requirements for the verification of identity….

Banking Cannabis Clients Under Canada’s Anti-Money Laundering Regime

May 25, 2017

Unlike the United States, where the sale of cannabis remains illegal federally, the sale of cannabis for medicinal purposes has been legalized in Canada. Following a recent announcement by the Canadian government, legislation has now been proposed that would expand access to cannabis by legalizing the sale of recreational cannabis by registered dealers in Canada. Under the proposed legislation, the…

Take Two: Quebec Introduces Bill 134 to Modernize the Consumer Protection Act

May 11, 2017

On May 2, 2017, the Quebec government introduced new legislation intended to modernize the Quebec Consumer Protection Act (CPA), as well as provide for new consumer protection measures. The CPA provisions on credit, in particular, are long overdue for change as they have not been significantly amended since 1978. The liberal government, under Jean Charest, previously attempted to pass similar…

Financial Consumer Agency of Canada Publishes New Supervision Framework

May 3, 2017

The Financial Consumer Agency of Canada (FCAC) recently published its new Supervision Framework, following extensive consultation with stakeholders. The Supervision Framework will come into effect November 1, 2017. It updates and replaces FCAC’s current Compliance Framework. Among other things, the Supervision Framework implements FCAC’s vision for robust and effective oversight of the entities that it regulates, including federally regulated financial…

Year in Review: Legislation and Guidance for Financial Institutions in 2016

January 18, 2017

The regulation of federally regulated financial institutions (FRFIs) continued intensifying in 2016 with a new wave of legislative and regulatory initiatives impacting mortgage lending, the bank resolution regime, the life insurance capital framework, anti-money laundering legislation, deposit insurance, and corporate and operational-risk governance, among many other areas. The key initiatives introduced or implemented in 2016 are outlined in this, our…

Moving the Goalposts: U.K. and U.S. Trends in Fintech Bank Licensing

January 9, 2017

The dominant fintech narrative for the Canadian banking industry shifted in 2016 from a new entrant versus incumbent storyline to one of collaboration, as major Canadian banks continued to partner with new technology entrants. The intent of these partnerships varies but they generally aim to expand the incumbent bank’s customer service offerings, improve its customer/user experience (or UX) or accelerate…

OSFI Releases Draft Guidance on Model Risk Management

January 4, 2017

On December 21, 2016, the Office of the Superintendent of Financial Institutions (OSFI), released for comment a new draft Guideline E-23 on enterprise-wide model risk management (Guideline). The draft Guideline aims to address the increasing reliance by financial institutions on internal models in management decision making and sets out OSFI’s minimum standards for managing and controlling model risk. The comment…

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