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ARTICLE · 07 MARCH 2016

Legal Trends 2016: Financial Services Regulatory

Blake, Cassels & Graydon LLP
Blake, Cassels & Graydon LLP
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Blake, Cassels & Graydon LLP

Blake, Cassels & Graydon LLP

As one of Canada’s top business law firms, Blake, Cassels & Graydon LLP (Blakes) provides...

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Fintech is the single hottest topic for 2016 and the foreseeable future.

CanadaFinance and Banking
Blake, Cassels & Graydon LLP
Blake, Cassels & Graydon LLP
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ONE | FINTECH AND E-COMMERCE

Fintech is the single hottest topic for 2016 and the foreseeable future. From mobile payments to paperless processes to block-chain technology, the increased use of emerging and innovative technologies to pay for or obtain financial services has the regulators' attention. Regulators have taken steps to address a few of the various challenges and risks that arise when engaging in such activities. These include (1) proposed changes to Canada's anti-money laundering laws, which provide for greater flexibility regarding identity verification in non-face-to-face situations and use of electronic signatures when opening a customer's account, (2) additions to the code of conduct that applies to payment networks, issuers and acquirers regarding merchant acceptance of mobile payments, and (3) guidance from insurance regulators on the steps to take when establishing an online sales channel for insurance products. Amendments were also proposed to

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