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Category Archives: Regtech, Compliance, Governance

US Subcommittee on Covid Releases Staff Report: How Certain Fintechs Facilitated Fraud in the Paycheck Protection Program

US House Subcommittee on Covid | Release | Dec 1, 2022

Fintechs and covid payments fraud investigation - US Subcommittee on Covid Releases Staff Report:  How Certain Fintechs Facilitated Fraud in the Paycheck Protection ProgramToday, the Select Subcommittee on the Coronavirus Crisis, chaired by Rep. James E. Clyburn, released a staff report detailing the poor performance of many financial technology companies (fintechs) in administering the nation’s largest pandemic relief program, the Paycheck Protection Program (PPP)—may have themselves committed PPP fraud

  • In May 2021, the Select Subcommittee initiated an investigation into the role of fintech companies Kabbage, Inc. and Bluevine and partner banks Cross River Bank and Celtic Bank in facilitating PPP fraud following public reports they were linked to disproportionate numbers of fraudulent loans. The investigation was expanded in November 2021 to include fintech start-ups Blueacorn PPP, LLC, and Womply, Inc., after an analysis determined significant percentages of PPP loans facilitated by the companies had indicators of fraud.
    • The investigation was expanded in November 2021 to include fintech start-ups Blueacorn PPP, LLC, and Womply, Inc., after an analysis determined significant percentages of PPP loans facilitated by the companies had indicators of fraud.

See:  Consumer Protection: Fintech Complaints Have Been Rising

Chairman Clyburn released the following statement about today’s report:

“As today’s report details, many fintechs, while promising to help disburse billions of Paycheck Protection Program dollars to struggling small businesses efficiently and expeditiously, refused to take adequate steps to detect and prevent fraud despite their clear responsibility to safeguard taxpayer funds. Even as these companies failed in their administration of the program, they nonetheless accrued massive profits from program administration fees, much of which was pocketed by the companies’ owners and executives. On top of the windfall obtained by enabling others to engage in PPP fraud, some of these individuals may have augmented their ill-gotten gains by engaging in PPP fraud themselves.

“We must learn from this inexcusable misconduct to erect guardrails that will help ensure that federal programs—including emergency assistance programs in future crises—are administered more effectively, efficiently, and equitably while keeping waste, fraud, and abuse to an absolute minimum. Based on our initial findings, I have asked the SBA and SBA OIG to conduct further investigation into these companies and pursue all appropriate remedies, and I have informed DOJ that some of our findings may warrant its attention.”

See:  UK Alternative Lenders Funding Delivery Performance to Small Businesses During COVID

  • Today’s staff report is entitled “‘We Are Not the Fraud Police’: How Fintechs Facilitated Fraud in the Paycheck Protection Program” and is available in full here.   The report reveals the following key findings: Fintechs and Lenders Observed Significant Fraud in the PPP, Which They Attributed to Program Mismanagement as They Sought to Evade Responsibility
    • Blueacorn Took Only Minimal Steps to Prevent Fraud in Its Facilitation of Billions of Dollars in PPP Loans, While Abusing the Program to Enrich Its Owners
    • Womply’s PPP Fraud Screenings Failed to Prevent “Rampant Fraud”—and Were Accompanied by Questionable Business Practices—Despite Generating Over a Billion in Profits
    • Capital Plus, Harvest, and Other Fintech-Partnered Lenders Conducted Little Oversight over Womply and Blueacorn’s Activities, Allowing Fraud to Infiltrate The PPP
    • Kabbage’s PPP Activities Illustrate that the PPP Lacked Incentives for Fintechs to Implement Strong Fraud Prevention Controls or Appropriate Borrower Servicing
    • Bluevine Initially Faced Significant Fraud Rates, but Its Longstanding Partners Intervened to Improve Fraud Prevention Over the Course of the Program
  • Based on the findings, the report includes 11 recommendations to address PPP fraud and improve future programs.
    • It urges the SBA to consider carefully whether businesses like fintechs that are not subject to traditional financial regulations should be permitted to play a part in future federal lending programs, and recommends that Congress take these factors into account in considering future legislation.

View the original release --> here

Download the 130 page PDF full Staff Report --> here


NCFA Jan 2018 resize - US Subcommittee on Covid Releases Staff Report:  How Certain Fintechs Facilitated Fraud in the Paycheck Protection ProgramThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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Adapting IOSCO Principles to Digital Assets Markets

IOSCO | Nov 2, 2022

applying IOSCO principles to digital assets Singapore fintech festival 2022 - Adapting IOSCO Principles to Digital Assets MarketsThe International Organization of Securities Commissions (IOSCO) has published a speech by Tuang Lee, Chair of IOSCO Fintech Task Force, on applying and adapting IOSCO principles to digital asset markets.

  • Digital assets:  These refer to anything of value whose ownership is represented in a digital or computerised form, through a process called tokenisation. Broadly speaking, digital assets can refer to anything, including real assets like artwork and property, but today our primary focus is on crypto-assets and DeFi.
  • International scrutiny:  On a global level, the International Monetary Fund (IMF) and the Financial Stability Board (FSB) are calling for more regulation of this sector. The FSB recently published, on 11 October 2022, two consultation papers on the international regulation, supervision and oversight of crypto-assets activities and markets – from a financial stability perspective.

See:  Global Securities Wathdog IOSCO to Target Crypto Platforms

  • IOSCO Fintech task force: As the global standard setter for the international capital markets, IOSCO sets the core Objectives and Principles,1 along with supporting recommendations and guidance, on how to regulate capital markets activities and associated risks (together, IOSCO’s principles). Our members adopt these principles, distilling them into detailed regulations domestically.
    • IOSCO has the mandate and a clear  roadmap to explore investor protection and market integrity issues in financial markets.
    • We have established two workstreams under our roadmap. The first on “Crypto and Digital Assets” is led by the UK Financial Conduct Authority (UK FCA). The second, covering “DeFi Products and Services” is led by the US Securities and Exchange Commission (US SEC).

  • Examples of key risks:
    • We are seeing many instances of market manipulation, wash trading and insider trading. For instance, a platform employee may be aware of the potential listing of a certain coin and may use the information to invest in the coin and make a quick profit.
    • Another key risk concerns conflicts of interest. Conflicts of interest are particularly egregious in the context of crypto-asset service providers. Many of these so-called exchanges perform multiple roles that give rise to conflicts of interest. For example, trading platforms often provide brokerage services, custody and proprietary trading under a single roof – they also engage in the issuance of tokens, lending activities and complex re-hypothecation arrangements with client assets.

See:  CPMI and IOSCO publish final guidance for stablecoins

  • Like my last example on insider trading, there are existing IOSCO principles that already apply. The challenge is in determining the right level of guidance to provide. For instance, whether platforms should continue to be able to perform their own proprietary trading. Some jurisdictions have already proposed to disallow this. In addition, should platforms be allowed to list tokens which they have active interest in, and if so, what they need to disclose to users of their platforms?

Download a PDF copy of the Speech --> here


NCFA Jan 2018 resize - Adapting IOSCO Principles to Digital Assets MarketsThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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FTX Fallout: Stephen Curry and Tom Brady Reportedly Under Investigation in Texas

Sports Illustrated | Madeline Coleman | Nov 22, 2022

Image Unsplash Mediamodifier investigation - FTX Fallout:  Stephen Curry and Tom Brady Reportedly Under Investigation in Texas

Image: Unsplash/Mediamodifier

The Texas State Securities Board has reportedly expanded its investigation into cryptocurrency platform FTX’s operations and its subsequent bankruptcy to now include scrutinizing promotions by celebrities like Tom Brady and Stephen Curry

  • Bloomberg News first reported the development in the investigation, which is looking at possible securities-law violations. The Texas Tribune has confirmed it.
    • This comes after news broke of a class-action lawsuit being filed last week that also names Curry and Brady, among a slew of other celebrities as well as the Warriors. It was filed in Florida and also names the platform’s former CEO, Sam Bankman-Fried.

See:  CB Insights: FTX ‘Bagholders’ — Investments and M&A Portfolio Map

“Anyone who renders investment advice in Texas typically needs to be registered and they typically have to truthfully disclose all known material facts,” said Joe Rotunda, director of enforcement at the Texas State Securities Board, to the Tribune. “In Texas, there is not a different system of justice or regulation for people who are celebrities.”


CBC News | Nov 22, 2022

FTX bought Bahamas properties worth $300M US, some in name of Bankman-Fried's parents

Image Reuters Koh Gui Qing Old Fort Bay Bahamas Koh Gui Qing - FTX Fallout:  Stephen Curry and Tom Brady Reportedly Under Investigation in Texas

Image: Reteurs/Koh Gui Qing

  • The collapse of FTX, one of the world's largest crypto currency exchanges, has left an estimated one million creditors facing losses totalling billions of dollars.
  • Reuters earlier reported that Bankman-Fried's FTX, his parents and senior executives of the failed cryptocurrency exchange bought at least 19 properties worth nearly $121 million in the Bahamas over the past two years, official property records show.
    • Old fort property shows founder's parents, who are Stanford law professors, as signatories
  • "Since before the bankruptcy proceedings, Mr. Bankman and Ms. Fried have been seeking to return the deed to the company and are awaiting further instructions," the spokesperson said, declining to elaborate.

 

Continue to the full article --> here


NCFA Jan 2018 resize - FTX Fallout:  Stephen Curry and Tom Brady Reportedly Under Investigation in TexasThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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Why Your Business Needs a Tax Accountant

Guest Post | November 23, 2022

Couple reviewing tax documents - Why Your Business Needs a Tax Accountant

Image: Pexels/RODNAE Productions

Canadian corporations have a net tax rate of 15 percent, while small businesses have a tax rate of 9 percent. The Canada Revenue Agency (CRA) expects entrepreneurs to file their corporate income tax returns no later than six months after the end of the tax year.

For some business owners, paying taxes can be a massive headache. Fortunately, they do not have to carry the burden of paying taxes alone. Tax accountants can help address the challenges that come with tax paying. Read on to learn how they can help your business.

Spot Tax Deductions

Business owners can deduct certain expenses from their taxes, but they may not know about them. However, if they have a tax accountant, they will have no problem spotting opportunities for tax deductions.

Reducing your firm’s tax liability can be easy with a professional accountant. They can help business owners use all avenues of tax deductions.

During the busy tax season, many entrepreneurs scramble at the last minute to maximize deductions. However, a tax accountant can help identify potential avenues of deductions at any time of the year.

Fix Cash Flow Issues

The pandemic disrupted the cash flow of many Canadian companies, forcing them to borrow money. The crisis pushed 7 in 10 small businesses to take on debt.

With the help of tax accountants in Toronto, entrepreneurs can address their cash flow issues. These professionals can come up with strategies to manage financial challenges. They can organise cash reserves and develop spending plans.

Tax accountants can help you ensure there’s always money in the company’s account. This knowledge can make paydays less stressful.

Prevent Audit

Some people consider an accountant as someone who can fix financial issues after they’ve occurred. Unfortunately, this is not the case. However, they can prevent a financial headache from happening.

One compelling reason to work with a tax accountant is to avoid an audit from the CRA. Preventing an audit can be easy if you have the guidance of an accountant year-round.

There are many explanations why the CRA orders an audit, such as mistakes on tax forms and excessive write-offs. An accountant can ensure that you will not make such mistakes when filing your tax return.

Support Financial Planning

Another crucial benefit of hiring an accountant is getting financial advice on planning for the company’s future.

With their help, you can review past financial reports and examine the seasonality of your company. Doing so can help you determine the appropriate time to buy inventory. It can also help you prepare for significant investments so your business can stay competitive.

See:  Do employees pay less taxes by exercising stock options pre-IPO?

As a business owner, you are busy running the firm’s day-to-day operations. Having an accountant means you have someone who looks at the big picture. They can help find the best way to support your company’s longevity.

Being a business owner can sometimes feel isolating. You will be left with a pile of receipts to plow through at the end of a tax year. However, you do not have to do your accounting tasks alone. By working with an accountant, you will have a guide through your journey to lasting success.


NCFA Jan 2018 resize - Why Your Business Needs a Tax AccountantThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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Tax Reporting Behaviours That Can Lead to a CRA Audit of Your Business

Guest Post | Nov 19, 2022

Pexels Mikhail Nilov Women holding calculator - Tax Reporting Behaviours That Can Lead to a CRA Audit of Your Business

Image: Pexels/Mikhail Nilov

As a business owner, it can be tempting to play up your expenses and tamp down your income to “help” reduce your payable tax amounts. While many Canadians round up or down here and there, entering false information on a tax return is against the law and can lead to more trouble than it’s worth.

As the experts at Taxpage will tell you, the CRA has a lot of data it relies on when processing returns and software designed specifically to catch and flag anomalies. The list below contains some of the more common ways business owners draw the wrong kind of attention to themselves.

Things You Can Do To Get Your Business Audited

While there are no rules written in stone about what triggers a tax audit, and many are simply random, doing the following can put you at risk of a CRA audit.

Drastic Changes in Income Reporting

Sudden changes in your revenues, expenses, credits, deductions, etc., especially those that significantly impact your total payable or owed, can get noticed.

Constantly Losing Money

Losses at startup are normal and expected, but if it’s years down the road and you’re still losing money, the CRA might want to know how you’re still in business.

Out-of-Whack Expense Reporting

When you file your taxes under the appropriate industry code, just assume that your return is being compared to industry averages. If you think the CRA is unaware of what your expenses should be, think again.

The same is true if you operate a home business and try to write off all of your monthly bills, home renos, new tech and home furnishings.

Income Underreporting

Again, industry codes give the CRA information on average profit margins in your industry. Underreporting your net income may get you flagged.

Charitable Donations That Don’t Make Sense

If your charitable donations represent a significant-to-large percentage of your net income, this obviously looks suspicious.

Not Reporting Your T-Slips

If you’ve received a T slip such as a T4, T4(OAS), T4(p), T5, T4A, etc., you can rest assured that the CRA has received it too. Not reporting it will only cause them to investigate whether it was you or your employer that didn’t properly report.

Unpaid Loans to Shareholders

If you or another shareholder in your corporation takes a loan from the business and doesn’t repay it within a year or is taking a loan every year, this can very much look like unreported income on a personal tax return that should be taxed at a higher rate.

Discrepancies Between Your Income Tax and HST Returns

Yes, these two returns are checked against each other, so if you report different revenue numbers on each, you can reasonably expect a tax audit.

The Bottom Line on CRA Audits

If you are notified of an impending CRA audit, don’t waste any time or try to represent yourself at the audit; hire a tax lawyer right away. The CRA is out to prove that you made a mistake (or worse) and is going to look at the numbers through that accusatory lens.

See:  Before receiving your salary in crypto you should consider these things

If they ask you questions, you must answer, and any answer you give, they will use to try and incriminate you further. You need an advocate on your side who will keep them honest, protect you from yourself and potentially save you large amounts of money on a reassessment.


NCFA Jan 2018 resize - Tax Reporting Behaviours That Can Lead to a CRA Audit of Your BusinessThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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Canada’s Open Banking Journey: Working Group Meeting Updates

McMillan | Darcy Ammerman, Robbie Grant, Mitch Koczerginski, Pat Forgione, Robert C. Piasentin, Isabelle Guevara  | Nov 2, 2022

Open banking in Canada  - Canada's Open Banking Journey:  Working Group Meeting UpdatesFour working groups assembled earlier this year have been working to develop common rules, accreditation criteria, and technical standards for Canada’s open banking system.

  • Accreditation:  criteria should focus on four elements: (1) background information and internal governance, (2) financial capacity, (3) certification, and (4) privacy and security.
    • Categories of environmental and social governance (ESG) and anti-money laundering (AML) were considered but no agreement was reached.
    • The working group took interest in the potential for a framework with different tiers of accreditation, based on factors such as size or role of the prospective participant.  Participants must have the financial capacity to meet their liabilities.
    • An adequate insurance policy or comparable financial guarantee would be required in order to obtain accreditation.
      • General consensus in favour of Australia’s flexible approach, which evaluates the adequacy of an insurance policy based in part on (i) the nature of the products or services to be offered, (ii) the nature of data to be managed, and (iii) the volume of data to be handled.

See:  NCFA Open Banking Governance with Senator Colin Deacon and Mahi Sall

  • Liability:  This includes establishing (i) the process for consumer complaints, (ii) rules to apportion liability, and (iii) traceability frameworks.
    • When a consumer suffers a loss in the course of exercising any function of open banking, the consumer should not be liable for more than a nominal fee of $50, unless it can be proven that the consumer committed gross negligence, gross fault or fraud.
    • the data recipient should be required to automatically compensate consumers who suffer financial harm, though a pooled fund between all open banking participants was also considered.
    • Interest in creating a standard approach to protecting consumers following a sensitive data breach.  Active and ongoing measures such as credit monitoring services, shutting down compromised accounts, changing account numbers, and transparency of root cause investigations.
    • Traceability framework to facilitate monitoring and create audit trails for data-in-transit such as user consent, flows of data, and date stamps of each data-sharing request.
      • The group agreed upon a decentralized approach (i.e. one without a government data intermediary).
      • The group also agreed that all data recipients should have obligations even if they outsource their business operations.
  • Privacy:  rules for how consumers provide and revoke consent to share their data, and how consumer data can be used pursuant to the consent provided.
    • Should align with privacy standards already established for the financial services industry, including federal and provincial privacy laws.
    • Agreed that the process for giving or withdrawing consent should be clear, simple and transparent, to promote a positive consumer experience.
    • Revocation of consent automatic under certain circumstances, such as when a consumer closes their account, or when the purpose for which the consumer’s data was collected changes.
    • Public disclosure of useful information for consumers (e.g., terms and conditions, service agreements, complaint procedures, etc.) and agreed that the principles of the Financial Consumer Protection Framework would serve as a good baseline for these requirements.

See:  Canada’s Open Banking Journey: Interview with Abe Karar, Chief Product Officer, Fintech Galaxy

  • Security:  baseline security requirements for open banking participants, particularly in light of the data security, cyber security and operational risks of open banking.
    • After assessing various existing frameworks and certification regimes (including ISO27001 and SOC 2), a majority of the working group agreed that the National Institute of Standards and Technology (“NIST”) framework was the best option.
      • Challenges include fact that (a) compliance may be challenging for smaller participants, (b) significant time and resources may be required for implementation, framework modifications, and additional controls, and (c) NIST framework expertise in the market is relatively low.

Continue to the full article --> here


NCFA Jan 2018 resize - Canada's Open Banking Journey:  Working Group Meeting UpdatesThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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Why You Should Review Your Data Governance and Privacy Risks in Canada

BLG | Éloïse Gratton | Nov 2, 2022

Canada privacy and cyber security - Why You Should Review Your Data Governance and Privacy Risks in CanadaUnder Canadian law, corporate directors are responsible for their corporation’s business, including risk identification and management activities, and are required to demonstrate a duty of care.

  • Yes, it's important:  Regulators aren’t the only ones watching. Cybersecurity was the second-highest environmental, social and governance (ESG) concern cited by institutional investors and consultants in a 2021 RBC report, and proxy advisors routinely rate companies on their cyber and privacy practices under the governance category of ESG scoring.

See:  Modernizing Privacy Law in Canada – Striking the Right Balance

  • Privacy risks for Canadian organizations:
    • Legislation:  In both Canada and the U.S., data protection laws are becoming more stringent as both jurisdictions slowly catch up to Europe’s GDPR, which was adopted in 2018 and is considered the global gold standard when it comes to protecting privacy.
    • In Canada, Québec was the first jurisdiction to adopt a data protection law approximately 30 years ago and the first jurisdiction to update its law to align with the new EU privacy framework earlier this year, with other Canadian jurisdictions recently following the lead with Bill C-27.
    • Privacy class actions on the rise: More than 150 privacy class actions have been filed in Canada in recent years, mostly in Ontario, Québec and B.C. Approximately 70 per cent are filed following a data security breach. The rest are for “privacy intrusive practices,” which are invasions of privacy resulting from:
      • A lack of transparency with consumers when collecting or processing their personal information.
      • Failing to obtain proper consent.
      • Unacceptable practices involving the collection of personal information, including over-collection.
      • The use of new technologies involving surveillance or monitoring.
    • Fines and penalties for non-compliance:  Québec was the first in Canada to do this, introducing a new private right of action and administrative monetary regime with potential penalties of up to $10 million or 2 per cent of revenue for non-compliance with the law and penal offenses for certain infractions of up to $25 million or 4 per cent of revenue.
    • Shareholder law suits:  In the U.S., we’re seeing more shareholder derivative lawsuits being filed against corporate boards following data breaches.

See:  Office of the Privacy Commissioner Announces Digital ID Ecosystem Resolution to Ensure Transparency and Privacy

  • Privacy and C-suite and board checklist to assume an active role with direct oversight of the privacy and cyber risks affecting their corporation and stay abreast of the changing regulatory landscape:
    • Purpose, Strategy, Visibility, Program Development, Readiness, Outsourcing, Adaptability, Business transactions, Cyber security, Money

Continue to the full article --> here


NCFA Jan 2018 resize - Why You Should Review Your Data Governance and Privacy Risks in CanadaThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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