The Bureau’s final fintech report is intended as guidance for financial services sector regulators and policymakers. The following are the key takeaways, which were covered in more detail when the draft report was issued.
Canada’s new anti-spam legislation comes into effect later this year, and it packs a punch—fines of up to $10 million per violation for companies and up to $1 million per violation for individuals. The government was clearly prepared to give regulators substantial teeth to both encourage compliance and punish non-compliance.
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