Canada

Topic: Fintech

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Emerging Fintech innovation trends propelled by a global initiative

The Global Financial Innovation Network (GFIN), a network of 29 state financial sector regulators and supervisors committed to supporting financial innovation in the interests of consumers, including Quebec’s Autorité des Marchés Financiers (AMF) and the Ontario Securities Commission, has announced the launch of a pilot phase of cross-border testing and knowledge sharing initiative for Fintech … Continue Reading

Government of Canada proposes new oversight of payment service providers

Overview 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 as banks and payment card networks are … Continue Reading

Government launches 2019 financial sector review

On August 26th, the federal Department of Finance launched a review of the legislation governing banks, insurance companies and trust companies under federal jurisdiction by issuing an initial consultation paper. The initial paper sets out some key facts relating to the sector and comments on trends that are currently impacting and are expected to continue … Continue Reading

Canadian anti-money laundering regulations updated

On June 29, 2016, the federal Government published the final version of the long-awaited regulations (Amending Regulations) to amend various regulations (Regulations) under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). The Amending Regulations came into force on June 30, 2016, however, there is an almost one year delay for the provisions … Continue Reading

New FinTRAC Guidance – ID Verification

Since July 2015, when draft amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations (Draft Regulations) were published in the Canada Gazette, the industry has been expecting changes to aspects of the current AML/TF regime, particularly with respect to customer identification. After a lengthy delay, caused at least in part by the … Continue Reading

Competition Bureau launches study of FinTech and Financial Sector Regulation

On May 19, 2016, the Competition Bureau of Canada (the Bureau) launched a market study FinTech in Canada.  The Bureau enforces and administers the Competition Act (Canada) and as part of its mandate participates in activities to promote a competitive marketplace. The purpose of the study, as described by the Bureau, is to advise and … Continue Reading
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