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Canada’s banking industry will carry out emergency orders to stop trucker convoy

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trucker protesters as discussions on how best to implement them continue.The government published details late Tuesday on the requirements covering a wide range of the financial industry including banks, credit unions, insurance companies, portfolio managers and investment counselling services.The Canadian Bankers Association said in a statement Wednesday that, as with other financial service providers, banks will “need to diligently implement the required measures.”“Banks in Canada follow all applicable laws and regulations in carrying out their operations, in keeping with their commitment to protect the integrity of Canada’s financial system,” the association said.

As convoy protest continues in Ottawa, a ‘major’ winter storm is headed to the city  Major Canadian banks have so far declined to comment individually and have referred to the CBA statement.The emergency orders direct financial institutions to suspend services to both individual and business clients who they suspect are aiding the blockades.They also require the institutions to conduct due diligence to identify accounts linked to the protests, and to disclose to the RCMP or CSIS any property or transactions they have identified as owned or controlled by those designated people.Banks have been given protection from civil liabilities for actions done in following the orders.Cryptocurrency platforms are also covered by the order and some, including Toronto-based BitBuy, say they’ve already received guidance on cryptocurrency addresses from law enforcement.“We will conduct our own investigations and surveillance as part of our compliance program and report as required by the Emergency order and FINTRAC requirements,” said BitBuy chief compliance officer.

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