Information Processing Activities (Banks and Authorized Foreign Banks) Regulations

Information Processing Activities (Banks and Authorized Foreign Banks) Regulations

The Information Processing Activities (Banks and Authorized Foreign Banks) Regulations were enacted under the Bank Act, with the goal of regulating information processing activities carried out by banks and authorized foreign banks in Canada. The regulations define "information processing activity" as any activity that involves the generation, recording, or reporting of financial data, including payments from and deposits to accounts.

The regulations exempt certain information processing activities from the requirement for prior written approval from the Minister of Finance. These exemptions apply where the activity is carried out in specified circumstances, such as when it is related to generating, recording, or reporting on postings to accounts, or when it is an integral part of the bank's banking operations.

The regulations also require banks and authorized foreign banks to provide information about a client's business to that client upon request. This information must be made available in machine-readable or printed form, at the option of the client.

These Regulations come into force on the day on which certain provisions of the Bank Act are enacted.