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Under the amendments, the Canadian customer due diligence standards set out in the PCMLTF Regulations are being strengthened. First, in response to the evolving technologies used to deliver financial products and services, new methods to ascertain the identity of a person in a non-face-to-face environment are being made available to all reporting entities (see footnote 2). These methods, which have been developed in consultation with stakeholders, include the use of third party sources such as credit bureaus and agents or mandataries.

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“When asked if they felt their family would be financially better off six months from now, 27.5 per cent of respondents said they felt they would – a decline of 0.8 percentage points. The share that expects to be worse off six months from now rose 1.1 percentage points to 12.5 per cent.”

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Canadians lead the way when it comes to Internet banking adoption, with over two thirds of the country's Web users - around 15.5 million people - managing their finances online, according to figures from Web metrics firm comScore.

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Aside from the validity of the decision to reduce availability of liquidity to Canadian Banks, I am fascinated by the comment that Canada "largely excaped the meltdown". Arguably it was relatively less in Canada, but with losses of somewhere close to $10 billion, and the subsequent lockdown on new investment by Canadian Banks, one has to question the reasonablness of that statemen.

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