Damon Knights, Vice President, Sales and Distribution, Personal Banking, discusses how Equitable Bank continues to challenge the status quo with their new leading U.S. HISA solution to help wake up sleepy US dollars at a time when market opportunity is ripe.
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Payment service providers, outside of banks and other regulated
financial institutions, are currently lightly regulated in Canada.
Other than laws of more general application, only the federal
Proceeds of Crime (Money Laundering) and Anti-Terrorism
Act (PCMLTFA) and the Quebec
Money Services Businesses
Act specifically regulate payment providers who fall under the
definition of money services business, and the PCMLTFA s
objects are limited to the relatively narrow purposes of
intelligence gathering activities for the detection and deterrence
of money laundering and terrorist financing and related
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There are differences when it comes to financing fossil-fuel projects, technology investments, deposit guarantees, and overall risk-taking by Charlie Smith on March 31st, 2021 at 4:52 PM 1 of 4 2 of 4
Back in the mid-1990s, there was a very public battle between the Canadian Bankers Association and one of B.C.’s biggest credit unions.
It erupted after Richmond Savings (which later become part of Coast Capital) launched an advertising campaign lampooning a fictitious “Humungous Bank”. It was led by greedy, uncaring executives eager to fatten profits at the expense of customers.
The CBA was particularly vexed over the credit union’s tag line, “We’re not a bank. We’re better.”