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ARTICLE · 23 DECEMBER 2024

Fall Economic Statement Promises Changes To Banking, Consumer Protection, AML And Payments

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Canada's 2024 Fall Economic Statement (the Statement) announced key proposed changes to anti-money laundering (AML), banking, consumer protection and payments laws. In our previous bulletins, we discussed Budget 2024...

CanadaGovernment, Public Sector
James Flynn
James Flynn
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Brigitte Goulard
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Peter Aziz
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Canada's 2024 Fall Economic Statement (the Statement) announced key proposed changes to anti-money laundering (AML), banking, consumer protection and payments laws. In our previous bulletins, we discussed Budget 2024 measures, including the introduction of consumer-driven banking legislation and the Budget Implementation Act. In this bulletin, we discuss the newest set of proposed measures relevant to financial services businesses.

What you need to know

  • In banking, the timeline has been set for the launch of open banking in Canada in early 2026, along with corresponding funding to the Financial Consumer Agency of Canada (FCAC) and a commitment to low-cost and no-cost bank accounts.

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