Category: Financial Services Regulatory

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FINTRAC: All Amped Up

February 11, 2019

On February 8, 2019 the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), in an initiative to increase the transparency of its compliance regime, released new guidance materials to assist regulated entities under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) in their compliance efforts. While FINTRAC provides that the new materials are not intended to…

Annual Review of Federal Financial Institution Legislation

February 1, 2019

In 2018, financial institutions in Canada witnessed yet another year of significant expansion in legislation and regulatory guidance impacting their operations. Key developments in 2018 included the conclusion of the statutory review of federal financial sector legislation, the introduction of a new federal consumer protection framework, a new wave of proposed amendments to the anti-money laundering legislation, finalization of the…

OSFI Releases Advisory on Technology and Cybersecurity Incident Reporting Obligations

January 28, 2019

On January 24, 2019, the Office of the Superintendent of Financial Institutions (OSFI) published the Technology and Cybersecurity Incident Reporting Advisory (Advisory) applicable to all federally regulated financial institutions (FRFIs). The Advisory creates new incident reporting obligations for FRFIs and is effective as of March 31, 2019. Service providers to FRFIs should also familiarize themselves with FRFIs’ obligations under the…

New Guidance from FINTRAC: Expanding Suspicious Transaction Requirements

January 21, 2019

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) recently updated its industry guidance in respect of suspicious transaction reporting (Guidance) and released: Transaction reporting requirements Reporting suspicious transactions to FINTRAC What is a suspicious transaction report? While the Guidance is helpful in that it sets out FINTRAC’s expectations surrounding the filing of suspicious transaction reports (STRs), because FINTRAC…

Canada Seeks Input on Open Banking Framework

January 15, 2019

The Department of Finance is requesting input from the public and other stakeholders on a consultation paper entitled A Review into the Merits of Open Banking (Consultation Paper). The Consultation Paper seeks to affirm support for developing an open banking framework in Canada that will enable consumers and businesses to authorize third-party financial service providers to access their financial transaction…

Ontario Seeks Input on Regulation of Provincial Mortgage Businesses

December 11, 2018

The Ontario Ministry of Finance is seeking input from the public and other stakeholders with respect to a legislative review of the Mortgage Brokerages, Lenders and Administrators Act, 2006 (MBLAA). The review focuses on streamlining the MBLAA and reducing any unnecessary regulatory burden and costs. The review may also afford those in the mortgage industry the opportunity to seek to…

Canada Imposes Sanctions Against Saudi Arabian Nationals

December 4, 2018

On November 29, 2018, Canada’s Minister of Foreign Affairs announced sanctions against 17 Saudi Arabian nationals. The individuals have been designated in the regulations made under the Justice for Victims of Corrupt Foreign Officials Act (Sergei Magnitsky Law) (SML). SML authorizes the government to designate foreign nationals or foreign public officials (or their associates) who, in the government’s view, are…

The New Legal Landscape of North American Trade

December 4, 2018

On September 30, 2018, Canada and the United States announced that they, together with Mexico, agreed to a new trilateral trade agreement, which was signed on November 30, 2018. The agreement will be referred to differently in each country: Canada-United States-Mexico Agreement (CUSMA) in Canada, United States-Mexico-Canada Agreement (USMCA) in the U.S., and Tratado entre México, Estados Unidos y Canadá (TMEC)…

A Primer on Canadian Sanctions Legislation

December 4, 2018

Canada, like other major jurisdictions, has a broad range of economic and financial sanctions targeting foreign states and their nationals, as well as various terrorist organizations. Given that Canada is in many ways a trading nation, and many Canadian businesses have ties elsewhere, sanctions laws have a significant impact not only on the target countries but also on Canadian businesses….

The Cutting Edge of Compliance: Best Practices and Recent Developments in Anticorruption, Investigations and Responding to Government Enforcement

November 15, 2018

Proactive anticorruption compliance programs, risk assessments and detailed due diligence practices can make the world of difference when engaging in global business transactions. Join us for a one-on-one discussion with Jonathan Drimmer, Deputy General Counsel at Barrick Gold, to hear his first-hand experience on the cutting edge of compliance and how proactive efforts can safe-guard your business in foreign jurisdictions….

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