DIVISION 16   Bank Act (Consumer-targeted Fraud)
 1991, c. 46
 Amendments to the Act
 333   Subsection 627.‍01 ( 1 ) of the Bank Act is amended by adding the following in alphabetical order:
 consumer-targeted fraud , in relation to a product or service in Canada that is offered, sold or provided by an institution to a natural person other than for business purposes, includes a transaction that is unauthorized or that is authorized as a result of coercion or deception.‍ ( fraude ciblant les consommateurs )
 334   The Act is amended by adding the following after section 627.‍13 :
 Activation of prescribed capability
 627.‍131   ( 1 )   An institution shall not activate a prescribed capability for a personal deposit account in Canada without first obtaining, in accordance with the regulations, the express consent of the natural person who requested the opening of the account or in whose name it is kept.
 Deactivation of prescribed capability
 ( 2 )   An institution shall permit a natural person in whose name a personal deposit account in Canada is kept to deactivate a prescribed account capability.
 Limits on withdrawals or transfers
 627.‍132   ( 1 )   An institution shall permit a natural person in whose name a personal deposit account in Canada is kept to adjust the following limits for each class of withdrawal or transfer of funds that can be made from the account:
 (a)   the maximum amount of a withdrawal or transfer;
 (b)   the number of withdrawals or transfers that can be made in a given period;
 (c)   the maximum amount of all withdrawals or transfers that can be made in a given period; and
 (d)   any prescribed limit.
 Limits set by institution
 ( 2 )   An adjusted limit may not, however, exceed any limit set by the institution.
 Prescribed period
 ( 3 )   The institution shall ensure that an adjusted limit takes effect within the prescribed period.
 Notice
 627.‍133   ( 1 )   An institution shall, without delay and by electronic means, notify a natural person in whose name a personal deposit account in Canada is kept if
 (a)   an account capability referred to in subsection 627.‍131 ( 1 ) is activated;
 (b)   an account capability referred to in subsection 627.‍131 ( 2 ) is deactivated; or
 (c)   a limit referred to in subsection 627.‍132 ( 1 ) is adjusted.
 Exception
 ( 2 )   Subsection ( 1 ) does not apply if the natural person has opted out, in writing, of receiving the notice or does not provide the institution with the contact information required to receive it.
 Consumer-targeted fraud
 627.‍134   ( 1 )   An institution shall establish and adhere to policies and procedures to detect and prevent consumer-targeted fraud and to mitigate its impacts.
 Contents
 ( 2 )   The policies and procedures shall, together, set out
 (a)   the criteria that the institution uses to decide whether a transaction is suspicious;
 (b)   the criteria that the institution uses to decide whether to suspend or cancel, or take other measures in relation to, a suspicious transaction;
 (c)   how the institution communicates a decision referred to in paragraph (b) to persons affected by a suspension, cancellation or other measure;
 (d)   the criteria that the institution uses to decide whether a natural person is a victim of consumer-targeted fraud and, if so, whether a remedy is available to them;
 (e)   the criteria that the institution uses to decide what types of remedies are available to a natural person who is a victim of consumer-targeted fraud;
 (f)   how the institution communicates a decision referred to in paragraph (e) to a natural person who is a victim of consumer-targeted fraud; and
 (g)   any prescribed criteria.
 Training
 ( 3 )   The institution shall provide its employees, representatives, agents or mandataries and other intermediaries who deal with customers who are in Canada with initial and recurrent training on the detection and prevention of consumer-targeted fraud and on the institution’s policies and procedures.
 Annual report — institution
 ( 4 )   The institution shall, in accordance with the regulations, prepare an annual report on consumer-targeted fraud in Canada and provide it to the Commissioner.
 Annual report — Commissioner
 627.‍135   ( 1 )   The Commissioner shall, in accordance with the regulations, prepare an annual report on the reports provided under subsection 627.‍134 ( 4 ) and provide it to the Minister.
 Confidentiality
 ( 2 )   Any information in a report referred to in subsection 627.‍134 ( 4 ) that could reasonably be expected to reveal the identity of an institution or of a victim of consumer-targeted fraud is confidential and shall be treated accordingly.