Canadian Banks partner with CanDeal to deliver industry-wide KYC solution

By Edlyn Cardoza

CanDeal Group, a leading operator of Canadian market and infrastructure services, has partnered with five of Canada’s largest domestic banks to deliver a comprehensive, centralised Know Your Client (KYC) solution to the Capital Markets Industry. The landmark collaboration mutualises many of the costs and efforts of complying with KYC requirements and The Proceeds of Crime (Money Laundering) and Terrorist Financing Act and delivers unparalleled operational efficiencies.

The innovative move by The Bank of Montreal, The Bank of Nova Scotia (Scotiabank), The Canadian Imperial Bank of Commerce, The National Bank of Canada and The Royal Bank of Canada creates a common data and regulatory experience for the industry, building widespread trust in the data for use in risk assessments, as well as streamlining KYC compliance for clients.

“We are proud to work with the pioneering banks that have supported this initiative. This is an industry collaboration at its finest,” said Jayson Horner, Co-Founder, President and CEO of CanDeal Group. “It’s good for Canada; it’s good for regulation; and it’s good for all the banks and their clients.”

“Collectively we see this initiative as an opportunity to raise the standard for KYC compliance,” said Loretta Marcoccia, EVP and Chief Operating Officer of Global Banking and Markets at Scotiabank. “A strong compliance program not only meets regulatory expectations, it also ensures that we protect our clients and our business.”

“Creating a superior client experience has been a key driver for all participating banks,” said Denis Girouard, EVP, Head of Financial Markets and Member of the Office of the President at National Bank.

CanDeal Innovations, a division of CanDeal Group, first conceived of this initiative in 2020 and is delighted to have completed multiple phases, with completion of the technology infrastructure expected later this year.

“We look at the biggest challenges facing the markets today and set out to solve them,” said Tim Cain, President of CanDeal Innovations. “The need for KYC compliance is not going away, but this collaboration ensures that it will be far more efficient for participants.”