Finance Canada Publishes Draft Regulations to Finally Bring 2018 Non-Financial Activities Powers Into Force for Banks
The Department of Finance has published draft regulations that would operationalize 2018 legislative amendments permitting federally regulated banks to carry on or invest in non-financial activities, including fintech, within defined revenue and regulatory capital caps.
Continue readingFinCEN, OCC, and OFAC Assess Record BSA/AML Penalties Against Bank of America
On October 13, 2026, U.S. regulators imposed coordinated enforcement actions against Bank of America totaling $1.2 billion for willful Bank Secrecy Act violations, reckless sanctions failures, and deficient transaction monitoring, driven in part by a flawed automated correspondent-banking routing system.
Continue readingPrivacy Commissioner of Canada Updates Guidance on Call Recording and Voiceprints
The Office of the Privacy Commissioner of Canada (OPC) has updated its long-standing call-recording guidance, reaffirming that voiceprints are sensitive biometric data and clarifying that generic “quality assurance” notices cannot establish valid consent for biometric enrollment, voice authentication, or customer profiling.
Continue readingOCC and Federal Reserve Levy Parallel BSA/AML Enforcement Actions Against American Express
The OCC and Federal Reserve Board have issued parallel enforcement actions against American Express, including a $350 million penalty and a mandatory SAR look-back, citing systemic BSA/AML failures and $13 billion in unreported suspected trade-based money laundering.
Continue readingFATF Mutual Evaluation Validates Canada's AML Regime; Ottawa and FINTRAC Build on Existing Reforms With New Enforcement Data and Resource Expansion
The Financial Action Task Force (FATF) has placed Canada in its top-tier "regular follow-up" category, and FINTRAC has responded with a record $247 million enforcement year and a 60% supervisory budget increase, building on reforms Ottawa already had underway, including the incoming Financial Crimes Agency and a proposed crypto ATM ban.
Continue readingSEC Proposes Crypto Asset Custody Framework for Investment Advisers and Regulated Funds
The SEC's proposed crypto custody framework would conditionally permit adviser self-custody when no qualified custodian is available, subject to strict operational conditions including dual-authorization and independent accountant review, while formally authorizing state-chartered trust companies as eligible custodians.
Continue readingFederal Banking Agencies and NCUA Propose Comprehensive Overhaul to Third-Party Risk Management Guidance
The Federal Reserve, FDIC, OCC, and NCUA have jointly proposed a risk-tailored, third-party risk management framework to replace the 2023 interagency guidance, formally incorporating credit unions for the first time and introducing dedicated relief for community institutions.
Continue readingCSA Updates National Policy 11-207 to Remove Obsolete Dual FFCTO Procedures
Effective December 7, 2026, the CSA has updated National Policy 11-207 to strip out procedural language for "Dual" failure-to-file cease trade orders that has been obsolete since Ontario's automatic reciprocation regime took effect in 2023.
Continue readingFederal Government Proposes "Productivity Mega Deduction" for Capital Investments
The Canadian federal government has proposed a permanent, immediate 100% tax write-off for qualifying depreciable capital property and development expenses acquired on or after September 15, 2026, subject to the legislative process.
Continue readingSEC Proposes Rescission of Rule 14a-8 Governing Shareholder Proposals
The SEC has proposed rescinding Rule 14a-8 under the Exchange Act, which would leave the governance of shareholder proposals principally to state corporate law and company governing documents if adopted; in the interim, Rule 14a-8 remains in full legal effect despite the staff discontinuation of Rule 14a-8 no-action responses.
Continue readingCSA Implements "Access Equals Delivery" Model for Financial Statements (NI 51-102)
Effective September 22, 2026, the CSA's final amendments to NI 51-102 will allow non-investment fund reporting issuers to satisfy financial statement delivery obligations electronically via SEDAR+ and a news release.
Continue readingSEC Proposes Complete Rescission of Investment Adviser "Pay-to-Play" Rule
The SEC has proposed the outright rescission of Rule 206(4)-5, aiming to eliminate the strict-liability two-year compensation ban on investment advisers managing government capital following political contributions.
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