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Bridging Finance Inc. was a Canadian private lender based in Toronto, Ontario, Canada that was placed in receivership by the Ontario Court of Justice following an investigation by the Ontario Securities Commission (OSC). Several of Bridging's former executives are under investigation by regulatory authorities in Ontario.
In 2009, FINTRAC estimated that the amount of money laundered on an annual basis is somewhere between $5 and $15 billion. [8] FINTRAC publishes annual results, quarterly updates, performance reports, and notices. [9] FINTRAC analyzes approximately 19 million transactions per year. [10] In 2017, FINTRAC made 2,000 disclosures to police forces. [10]
The Cost of Credit Disclosure and Payday Loans Act and the rules and regulations under this Act, which came into force on 1 January 2018, require all payday lenders to be licensed with the Financial and Consumer Services Commission (FCNB) to operate in New Brunswick; set the maximum fee on a loan at $15 per $100 borrowed; allow borrowers to ...
TORONTO (Reuters) -TD Bank on Thursday warned of a challenging 2025 and suspended its medium-term earnings forecast as Canada's second-biggest lender works through its anti-money laundering ...
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In 2017, an audit report from the Auditor General of Toronto found that the division had issued or renewed 87,813 licenses, generated $28.9 million (CAD) in license and permit fees, and average 64 summons and 35 tickets per officer per year. [1]
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The expansion of accessible credit can come with a downside of exclusion as people with poor credit (those that are considered high risk by credit scoring systems) become dependent on short-term alternatives such as licensed money lenders (the home credit industry), pawn brokers, payday lenders, and even loan sharks. [20]