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ARTICLE · 20 NOVEMBER 2024

Pay Attention: A New Wave Of Changes To Canada's Payments Industry

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

Blake, Cassels & Graydon LLP

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Canada's financial services and payments sector is experiencing a surge of regulatory updates, impacting the Code of Conduct for the Payment Card Industry (Code)...

CanadaFinance and Banking
Jacqueline Shinfield
Jacqueline Shinfield
Mena Bellofiore
Mena Bellofiore
Annick Demers
Annick Demers
Bonny Murray
Bonny Murray
Vladimir Shatiryan
Vladimir Shatiryan
Tracy Molino
Tracy Molino
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Canada's financial services and payments sector is experiencing a surge of regulatory updates, impacting the Code of Conduct for the Payment Card Industry (Code), criminal interest rate laws, open banking, consumer protection in Quebec and anti-money laundering (AML) compliance.

This article outlines critical regulatory changes that in-house counsel, compliance officers and financial services professionals need to understand and implement in the coming months.

  1. Code of Conduct. The Code of Conduct provides certain rights to merchants and is relevant for all entities that issue payment cards or facilitate payment card acceptance in Canada. Significant changes to disclosure requirements, notification periods and complaints-handling procedures are being introduced in a two-phase rollout: October 30, 2024, and April 30, 2025.

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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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