The Globe and Mail reports in its Friday edition that the U.S. trade war has upended supply chains and Canada's financial-regulation overhaul is accelerating technology advancements in the banking sector. The Globe's Stefanie Marotta writes that this combination has increased pressure on Canadian banks to crack down on financial crime while looking at investing in growing industries. For example, "Cyber, crypto, payments, the geopolitical base -- how does all of that influence our risk appetite within the bank in terms of products, customers and geographies that we want to operate in?" Michael Donovan, CIBC's chief anti-money-laundering officer, said at a conference held by the Association of Certified Anti-Money Laundering Specialists in Toronto. When assessing client applications, banks typically reject customers that do not meet their standards for risk and compliance. In some cases, the lenders remove those customers -- a process known as debanking. The rules are changing with crypto companies. On Wednesday, the Office of the Superintendent of Financial Institutions (OSFI) announced revised guidance and capital requirements that allow banks to increase their exposure to crypto following similar moves in the U.S.
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