Evolution Of Canada's Payments Ecosystem Picking Up Speed (Webinar)

It may be a cliché to say rapid technological change and innovation are dominating the Canadian payments space, but that evolution is only speeding up, partner Elizabeth Sale told attendees of Osler's inaugural Payments Law in Canada webinar. Along with partners Victoria Graham, Adam Kardash, Wendy Gross and Simon Hodgett, the group discussed how recent regulatory developments will have significant privacy, risk management, contractual and other implications for participants in Canada's ever-evolving and increasingly complex payments ecosystem.

The revamp of Canada's payments system has been underway for several years. Updated regulations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act expand the definition of money services businesses, adding record keeping, client identification and reporting obligations to crowdfunding platforms. Exemptions for some credit, debit and prepaid card transaction from the definition of "electronic funds