Canada Gazette, Part I, Volume 160, Number 26: Regulations Amending the Financial Consumer Protection Framework Regulations
REGULATORY IMPACT ANALYSIS STATEMENT
Summary
This is a proposed set of rules to reduce fraud on personal bank accounts. Banks would have to get a customer's clear permission before turning on high-value electronic transfer features (like Interac e-Transfer, wire and international transfers), let customers turn those features off, report specified fraud data to the Financial Consumer Agency of Canada (FCAC), and adopt policies for handling suspicious activity.
What it does
The proposal would require banks to: get express consent before enabling electronic funds-transfer features on personal deposit accounts; let customers disable those features; speed up or delay customer requests to raise transaction limits depending on whether the bank has verified identity; keep and review policies for investigating suspicious transactions and when to warn customers; and collect and report detailed fraud-related data to FCAC every year. Some common payments are exempt (e.g., transfers between your own accounts at the same bank, ATM withdrawals, card payments, pre-authorized debits, and direct bill payments).
Who it affects
Mainly retail bank customers in Canada and banks (including domestic and authorized foreign banks). It will also affect the Financial Consumer Agency of Canada (which receives and compiles the data) and, indirectly, government policy-makers working on anti-fraud measures. (The item is a proposed regulation tied to recent Bank Act amendments; implementation timing is not set in this notice.)
Why it matters
If adopted, consumers would have more control to turn off transfer features that fraudsters use, which could make it harder for criminals to move money out of an account if it’s compromised. The rules aim to reduce fraud losses and give government agencies better data on how fraud happens. There are trade-offs: legitimate customers may face small delays or extra steps for some transactions, and banks will incur costs to change systems and report data.
Key dates
- Published
- June 27, 2026
- Comment deadline
- Unclear
- Effective date
- Unclear
Source: Canada Gazette