For more than 50 years, Canada Deposit Insurance Corporation has assured Canadian depositors that their bank deposits are safe. Perhaps surprisingly, considering the relative tranquility of Canada’s banks, CDIC has come to the rescue after a number of failures. CDIC’s mandate goes beyond protecting depositors from loss to safeguarding the stability of the financial system as a whole from turbulence. How are changing times affecting that mandate?
Federal Deposit Insurance Corporation (FDIC)
The mandate of financial institutions is to process financial transactions for individuals and businesses, but unfortunately, these institutions are sometimes used for illicit purposes, such as money laundering and terrorist financing. Effective, accurate risk assessment is the foundation of a financial firm’s risk management and regulatory compliance, and there are a number of manual and automated methods available to assess risks. Detecting and acting against suspicious activities is a must for banks today.