Bank Secrecy Laws (Canada)

Summary

This practice note summarizes the laws and regulations governing bank secrecy in Canada. Specifically, it outlines the requirements pursuant to the Bank Act, S.C. 1991, c. 46 (Bank Act) and the Personal Information Protection and Electronic Documents Act, S.C. 2000, c. 5 (PIPEDA). In particular, this practice note addresses the rules governing the collection, use, and disclosure of personal information, with particular emphasis on best practices for obtaining customer consent.