On October 3, 2022, the US Securities Exchange Commission (“SEC”) announced that it charged Kim Kardashian for failing to disclose her interest in the promotion of a crypto asset on social media, resulting in a settlement of USD 1.26 million. In its brief decision, the SEC explained that Ms. Kardashian failed to
Canada’s new beneficial ownership registry is slated to arrive in 2023 but the details remain uncertain. One way for corporations to prepare for these changes is by looking at how similar registries operate in other jurisdictions.
Canada has been criticized for having a relatively weak AML regime. Experts indicate that casinos, real estate, and shell
The Canadian federal government is bolstering Canada’s anti money laundering (AML) regime by bringing forward plans to introduce a beneficial ownership registry in 2023.
A beneficial ownership registry would require corporations to register and verify the identity of companies’ beneficial owners, making it more difficult to use shell companies to conceal criminal activity.
The need
Further to our previous post which introduces the concept of open banking and how Canada is approaching it, the Department of Finance, through its Advisory Committee on Open Banking (the Committee), has completed its initial review (the First Phase Review) which focused on: (i) the ways in which open banking would provide meaningful
On September 12, 2017, the Financial Consumer Agency of Canada (FCAC) and the Investment Industry Regulatory Organization of Canada (IIROC), two otherwise independent regulators, announced that they signed a memorandum of understanding (MOU) to coordinate regulatory oversight and strengthen consumer/investor protection. We have made inquiries and have learned that the MOU is not publicly available;
The Financial Consumer Agency of Canada (FCAC) has released a new bulletin to remind federally regulated financial institutions (FIs) of its expectations regarding unauthorized credit and debit card transactions.
The FCAC expects FIs to thoroughly investigate the circumstances before finding a cardholder liable for an alleged unauthorized transaction.
On July 7, 2017, the Department of Finance of the Government of Canada (the Department) released a consultation paper (Paper) regarding a proposed new oversight framework for retail payments (New Framework). The Paper states that retail payment service providers (PSPs) other than regulated financial services providers such
The Financial Consumer Agency of Canada (FCAC) issued a statement and a new compliance bulletin in response to recent news reports related to allegations that certain employees of banks were pressured to upsell to consumers to meet unrealistic sales targets and keep their jobs.
FCAC compliance bulletin B-5 – consent for new products
The Government of Ontario has released a public consultation regarding regulations related to the new prohibition on expiry of rewards points issued to consumers. The consultation document, which is available here, includes commentary from the Government and proposed regulatory text. Comments are due by April 28, 2017.
On December 8, 2016, the Government