John Pelley

Understanding financial regulations is crucial for businesses and professionals in today's global economy. 🇨🇦💼 Our latest blog post, "FINTRAC: How Canada's Financial Regulator Works," provides an in-depth look at: - The role and responsibilities of FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) - How FINTRAC combats money laundering and terrorist financing Compliance requirements for businesses - The impact of FINTRAC on the Canadian financial landscape 👉 Read the full article to gain valuable insights into Canada's financial regulatory framework: https://lnkd.in/dfgwKeTC Stay compliant and informed about the measures protecting our financial system! 🚀 #FINTRAC #FinancialRegulation #Compliance #AML #Canada #Swaplance #BlogPost

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How does Canada maintain a strong and secure financial system? 🍁💰 Discover the roles of the five organizations - Bank of Canada, Office of the Superintendent of Financial Institutions Canada, Canada Deposit Insurance Corporation (CDIC) | Société d'assurance-dépôts du Canada (SADC), Financial Consumer Agency of Canada | Agence de la consommation en matière financière du Canada, and Finance Canada / Finances Canada - that form our financial safety net and how they safeguard your financial security. 💪 🎬Watch the video to learn more!

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Can you name the organizations that form Canada’s financial safety net? The video below is a great introduction to the key players who work together to keep Canada’s financial system stable.

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“The essence of the credit union movement is rooted in community, cooperation, and conscientious banking,” explains Jeff Guthrie, President and CEO of the Canadian Credit Union Association (CCUA). At CUPAY, we are deeply aligned with these values and committed to supporting credit unions across the nation.   Northern Credit Union embodies this spirit with their Small Business Rocks Line of Credit program, offering up to $75,000 to help small businesses get started and thrive. Like all credit unions, their commitment ensures that even the smallest business ventures have the support they need. The dedication of credit unions doesn’t go unnoticed. The Canadian Federation of Independent Business (CFIB) recently surveyed over 11,000 small businesses across Canada, and credit unions earned the highest overall satisfaction scores in financing, fees, account management, and service.   CUPAY shares this commitment to provide merchant solutions in members’ best interests. Built by credit unions and for credit unions, our vision is simple: to be the partner of choice for credit unions nationally by empowering them with payments innovation that deepens and cements their relationships with small business members. Together, we’re driving positive change to small businesses that are at the heart of our communities across the country. #CreditUnions #CommunityBanking #SmallBusiness #CUPAY #CFIB #NorthernCreditUnion #CooperativeValues

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Join James B., Regulatory Compliance Analyst, and Francois Suanez, CFA, MBA Suanez, Compliance Manager SME, TOMORROW (Thursday, December 5, 2024) for a webinar as they unpack the TD Bank case and explore key gaps in AML programs. Key insights will include: 1) Gaps revealed by the TD Bank case. 2) Strengthening your AML policies, training, and controls. 3) The importance of continuous updates and audits. Don’t miss this opportunity to refine your approach and avoid costly risks. #webinar #AML #compliance

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Starting in August, we're streamlining how and when we communicate with stakeholders and Canadians on key OSFI priorities. By consolidating our main activities into quarterly announcements, we will improve predictability for financial institutions, and enhance OSFI's transparency. This session will be followed by a virtual industry day two weeks later for questions on those initiatives. By communicating our initiatives in a single event, we will provide predictability to financial institutions and enhance transparency. 📅 Save the Date: August 22nd – 11 AM media event 1 PM stakeholder briefing (All welcome) To find out about the agenda and to register: https://lnkd.in/eWBdPN4e If you can't attend, a bulletin should summarize our announcements and provide insights on future events. https://lnkd.in/e-EMJ__W #FinancialRegulation #CDNfinance #OSFI

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Regulators - Are you listening?? Here is a simple fix for CRA. It fits on less than 1 page and does not need 100's of pages of confusing text around it. If enacted, it will substantially improve Community Development Funding. 1. Have banks issue greater than 1% of all loans to Community Development Activities 2. Have banks hold 3% or more in Community Development investments. 3. Have staff perform about 8 hours per FTE toward Community Development. Yes it is that simple. If enacted, everyone knows the pass/fail parameters. It makes it easy for everyone by removing the subjective elements. So here is the real question, why are regulators so hell bent on making CRA unintelligible and so confusing? Do they want a simple solution or not? Love to hear your thoughts!

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Banks have a responsibility to bring positive change to Canadian society. That’s what I’m so pleased that Concentra Trust, part of the Equitable family, has launched a national Registered Disability Savings Plan (RDSP) awareness campaign to educate Canadians about an underused tool that can be enormously empowering for those with disabilities. The need for this campaign is clear as RDSPs are far less understood than its TFSA or RRSP cousins. Nearly 40% of Canadians living with a potentially eligible medical condition don’t believe they make enough money to contribute. The reality is that beneficiaries actually don’t need to contribute a cent in order to get benefits from this program....that's right it is very different than simply the tax sheltering provided with TFSAs and RRSPs and it is unambiguous that everyone that qualifies will benefit by opening an RDSP. Add compound interest into the mix and you have a truly transformative construct. Many thanks to Lillian Bayne and Michael Hayes, who were instrumental in helping me and so many other Canadians understand how an RDSP represents opportunity, empowerment and stability for those who often need it most.    I’m especially proud of the role credit unions are playing in this effort, and we’re pleased to bridge Canada’s RDSP knowledge gap with them. Our values strongly align with the credit union ecosystem’s community focus and cooperative spirit, and the deeply rooted trust they have with their members will play a crucial role in spreading the word.   I encourage you to explore the resources we’ll share in the coming months and connect with your local credit union if you or someone you know could benefit from an RDSP. Our team has put together a helpful, high-level brochure to get started:  https://lnkd.in/gbFCzccw.   #ChallengerBank #CreditUnions #RDSP   

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🏦 Canadian Banks: Navigating Challenges in a Changing Landscape 🏦 More details here: https://buff.ly/2ma4Tb6 Canada's banking system, rooted in conventional practices, has long weathered the storms of shifting financial and political tides. However, with decreasing government support and aid, these challenges persist. According to Moody’s Investors Service, the outlook for Canadian banks remained negative even in 2017. The resilience of these institutions will be key as they continue to adapt to the evolving financial environment. #CanadianBanking #FinancialChallenges #BankingSector #MoodyRatings #EconomicOutlook

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How does Canada maintain a strong and secure financial system? 🍁💰 Discover the roles of the five organizations - Bank of Canada , Office of the Superintendent of Financial Institutions Canada, Canada Deposit Insurance Corporation (CDIC) | Société d'assurance-dépôts du Canada (SADC), Financial Consumer Agency of Canada | Agence de la consommation en matière financière du Canada, and Finance Canada / Finances Canada - that form our financial safety net and how they safeguard your financial security. 💪 🎬Watch the video to learn more!

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💡 New Blog | October 2024 Bank of Canada Rate Decision: Key Factors and Predictions The Bank of Canada’s interest rate decisions shape Canada's economy. They are aimed at balancing inflation control with economic growth. As the October 23, 2024 announcement nears, speculation is mounting: will rates rise, fall, or remain steady? From March 2022, the Bank of Canada began raising the overnight rate to combat inflation, increasing it from 0.25% to a peak of 5.00% in July 2023. The rate remained unchanged until June 2024. Since then, the Bank has announced three consecutive cuts, bringing the current rate to 4.25%. In this blog, explore the key factors influencing the next decision. https://lnkd.in/g8wA-Ufe

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For the first video in our Small Business Banking Series, we're covering the role banks can play for your business. Banks can be more than a financial resource, they can also assist you with community involvement by supporting special events such as volunteer opportunities or donations. Jureau Bowman, senior community outreach and banking officer, discusses further how banks can play a helpful role at a local level. View the full video series at: http://ms.spr.ly/6047YVWex #SmallBusinessOwners #SmallBusiness #FinancialLiteracy

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Attention payment providers! The Bank of Canada has implemented stricter enforcement policies to ensure a safe and secure payments ecosystem. What you need to know: - Clearer enforcement procedures and penalties for non-compliance. - Public disclosure of enforcement actions could impact your reputation. - Defined processes for reviewing Governor's decisions. Stay compliant, stay informed. Learn more: https://lnkd.in/dt9BAfn4 #Payments #Canada #FinTech #NCFA #Compliance

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The Bank of Canada is taking a careful approach to potential rate cuts, given ongoing concerns about persistent inflation risks discussed during the April 10 rate decision. Policymakers anticipate that any changes to monetary policy will be gradual, reflecting a consensus on managing economic risks and bringing inflation back to target levels. #cicconemckay #wealthmanagement #bankofcanada #monetarypolicy #inflationrisk #economicmanagement #interestrates #inflation https://lnkd.in/gE6Xq4V2

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