News

Banks and credit bureaus in Canada have been given an additional seven months to incorporate guidance and upgrade their systems for complying with a new due-diligence rule and its customer-onboarding requirements. The final rule issued by Canada's Department of Finance in June 2016 follows a lobbying campaign by banks and technology-based financial services firms, or fintechs, for streamlined due-diligence requirements for lower-risk clients and a regulator-approved option to onboard them entirely through online systems. The new standards aim to simplify the collection of customer details with two core methods: a review of a government-issued photo identification presented in person, or...