Question: Is it possible if you could highlight how these regulations or amendments are negatively impacting the financial industry: 1. Changes to the Bank Act: The

Is it possible if you could highlight how these regulations or amendments are negatively impacting the financial industry:

1. Changes to the Bank Act: The Bank Act is the primary federal legislation that regulates the activities of banks in Canada. The Bank Act was recently amended in 2019 to introduce a number of new regulations and requirements for banks, such as expanding the scope of permissible activities and increasing the capital requirements for certain activities.

2. Anti-Money Laundering and Counter-Terrorism Financing Regulations: Canada's Anti-Money Laundering and Counter-Terrorism Financing Regulations (AML/CTF) set out the requirements for financial institutions to help detect and deter the use of the Canadian financial system for the purpose of money laundering and terrorist financing.

What would be the implications for the financial organisation if the issue is not addressed, is such regulations better managed with a rule based or principle based approach

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