Payments Canada published a discussion with a Department of Finance Canada official outlining the federal government’s implementation of consumer-driven banking and its plans for anti-fraud and stablecoin regulation. Draft regulations supporting new bank fraud-prevention requirements are expected in the coming weeks, while the government is proceeding with regulations for consumer-driven banking after passage of the necessary enabling legislation. The anti-fraud rules will require banks to maintain fraud detection and prevention policies, report fraud cases and obtain consent before enabling certain account capabilities. A broader national anti-fraud strategy will involve more than 10 government departments and agencies and address digital platforms, telecommunications and financial services through a multiyear program. The government will also consult on a second phase of consumer-driven banking, including write access that would allow consumers to initiate actions. Payments Canada’s forthcoming Real-Time Rail will support such actions through always-available, faster payments and will include fraud capabilities at launch. Separate stablecoin consultations will cover consumer protection in issuer insolvency and whether banks need additional regulatory clarity for stablecoins and tokenized deposits.
Payments Canada2026-08-14
Payments Canada discussion outlines forthcoming bank anti-fraud rules and open banking implementation
Payments Canada outlined federal plans to implement consumer-driven banking and issue draft bank anti-fraud regulations in the coming weeks. The forthcoming Real-Time Rail will support consumer-directed actions and include fraud capabilities at launch. Stablecoin consultations will address issuer insolvency protections and potential regulatory clarity for banks.