Why some Canadians are losing their bank accounts: Alana Scotchmer weighs in on financial risks in The Globe and Mail

Speaking recently with The Globe and Mail, Alana Scotchmer, partner in Gowling WLG's Financial Services Regulation Group, discussed why some Canadians are having their bank accounts unexpectedly closed—and the significant risks banks face in managing financial crime compliance.

"The financial penalties, damage to a bank's reputation and impact on its stock price for failing to track suspicious transactions or underestimating the risk associated with them can be significant," said Alana Scotchmer.

To read the full article, click the link below (subscription may be required):

• Debanked: Why some Canadians are losing their bank accounts without explanation – and what to do about it

About Gowling WLG's Financial Services Regulation Group

Gowling WLG's Financial Services Regulation Group provides strategic legal and regulatory advice to banks, insurers, FinTech companies, and other financial institutions. Our team helps clients navigate complex regulatory frameworks, mitigate risk, and ensure compliance with evolving financial laws.