United States

Helen Chan

Canada's AML overhaul seeks to revamp financial intelligence flows

Oct 03 2018

NEWYORK(Thomson Reuters Regulatory Intelligence) - The Department of Finance Canada is proposing an overhaul the country's existing anti-money laundering/counter-terrorism financing regime. The amendments proposed earlier this year to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA), if enacted in their current form, will introduce numerous changes.

INSIGHT: Regulators launch international crackdown on corruption

Sep 11 2018

NEW YORK(Thomson Reuters Regulatory Intelligence) - A drive to crack down on corruption is taking the business world by storm, as more jurisdictions adopt new anti-bribery regimes or step up enforcement of existing ones. As countries with established regulatory regimes remain active in enforcement, other countries plagued with bribery problems are undertaking determined efforts to change their reputations.

Regulators in Canada focus on fraud prevention, financial literacy in investor education

Aug 16 2018

NEW YORK (Thomson Reuters Regulatory Intelligence) - The Investor Education Committee of the Canadian Securities Administrators (CSA) has released its annual report on investor education activities in Canada. The report outlines areas where the CSA sees a need for investor education, and highlights outreach activities from individual provincial regulators.

Canada’s Privacy Commissioner contemplates new online erasure, data protection rules

Mar 02 2018

TORONTO/NEW YORK (Thomson Reuters Regulatory Intelligence) - The Office of the Privacy Commissioner of Canada (OPC), which oversees the administration and enforcement of data privacy law, is mulling over policy reforms to offer Canadians more regulatory tools to protect their personal information online.

Canadian Competition Bureau recommends flexibility in fintech regulation

Jan 24 2018

TORONTO/NEW YORK (Thomson Reuters Regulatory Intelligence) - The growth of the financial technology industry in Canada is being held back by barriers to entry including a complex regulatory structure, high compliance costs, low levels of consumer awareness and a lack of access to start-up capital, according to a study on "fintech" challenges conducted by the Competition Bureau in Canada.

IMPACT ANALYSIS: FCAC declines to set precedent in first Code of Conduct disciplinary decision

Jun 30 2017

TORONTO/NEW YORK (Thomson Reuters Regulatory Intelligence) - A recent disciplinary decision issued by the Financial Consumer Agency of Canada (FCAC) against an unnamed payment card network operator concerning incorrect disclosures made by third party payment processors offers little insight into how the regulator will handle similar enforcement actions in the future. The resulting uncertainty poses a challenge for compliance officers in managing third-party risk in compliance with consumer protection regulations.

Transparency elusive in Canadian financial enforcement

Jun 22 2017

TORONTO (Thomson Reuters Regulatory Intelligence) - Efforts by Canadian regulators to deter financial misconduct through enforcement actions are coming up short. The manner in which regulators have conducted several recent misconduct investigations of financial institutions raises questions over whether their enforcement efforts achieve credible deterrence in the Canadian financial marketplace.

Canadian regulators welcome fintech amid rising global oversight interest

Feb 24 2017

TORONTO (Thomson Reuters Regulatory Intelligence) - Financial regulators in Canada are rolling out the welcome mat for financial technology firms, or "fintechs." Recognizing the need to shift its regulatory focus to accommodate the use of advanced technology in the delivery of financial services, the Ontario Securities Commission (OSC) has launched initiatives aimed at providing compliance advice and flexible regulatory requirements for fintechs.

Conduct risk, advisor misconduct in focus for Canadian financial regulators in 2017

Jan 12 2017

Multiple efforts by Canadian financial regulators last year to address fragmentation in securities enforcement will affect compliance officers, investment advisors and other professionals in 2017 and beyond, especially in matters pertaining to investor protection.

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