OTTAWA – The federal Liberals say they plan to direct banks to have new policies and procedures in place to detect and prevent fraud.
The proposed legislative amendments would require that banks obtain the express consent of account holders before enabling transfers and payment capabilities that fraudsters use to steal money.
The changes — part of a pre-budget announcement today — would allow account holders to disable features they do not want and adjust transaction limits to protect themselves.
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The government also says it will work with banks and others to develop a voluntary Economic Abuse Code of Conduct that would set clear guidelines for situations where one person abusively controls another’s access to money or credit.
The Liberals say they also will introduce legislation by next spring to create a Financial Crimes Agency to investigate money laundering, online fraud and scams, and to recover illicit proceeds.
The Liberals promised such an agency in their 2021 election campaign platform.
This report by The Canadian Press was first published Oct. 20, 2025.
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