Learn more about Canada’s top banks rates, rules and the latest news – read on!
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The best GIC rates in Canada for 2025 Dec 22nd
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Find the best and most up-to-date GIC rates in Canada using the comparison tool below. Plus, use the filters to assess your estimated rate of return based on the size of your balance.
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Russia warns of planned cyber attacks on its banks
– canadianbusiness.com
MOSCOW – Russia’s main domestic security agency says unspecified foreign special services are plotting a series of cyber attacks aimed at destabilizing the nation’s financial system.
The Federal Security Service, known under its Russian acronym FSB, said the computer servers involved in the planned attacks are located in the Netherlands and belong to Ukrainian company BlazingFast.
The FSB said Friday that the attacks would be accompanied by a stream of text messages and posts on social networks containing claims of an imminent collapse of Russia’s major banks and the financial system’s breakdown. It said the action would target several dozen Russian cities.
President Barack Obama’s administration has accused Russia of conducting a series of hacks to interfere with the U.S. election, accusations Moscow has denied.
The post Russia warns of planned cyber attacks on its banks appeared first on Canadian Business – Your Source For Business News.
The Federal Security Service, known under its Russian acronym FSB, said the computer servers involved in the planned attacks are located in the Netherlands and belong to Ukrainian company BlazingFast.
The FSB said Friday that the attacks would be accompanied by a stream of text messages and posts on social networks containing claims of an imminent collapse of Russia’s major banks and the financial system’s breakdown. It said the action would target several dozen Russian cities.
President Barack Obama’s administration has accused Russia of conducting a series of hacks to interfere with the U.S. election, accusations Moscow has denied.
The post Russia warns of planned cyber attacks on its banks appeared first on Canadian Business – Your Source For Business News.
TD hiking rates for longer mortgages, rental properties
– moneysense.ca
TORONTO – TD Bank (TSX:TD) is hiking rates for fixed mortgages with longer amortizations and all mortgages on rental properties.
Effective Dec. 1, the lender will charge an additional 10 basis points to their overall rate for all new fixed amortizations of 25 years or more.
That same day, all new mortgages on rental properties will have 25 basis points added to their overall rate.
The changes follow a move by TD on Nov. 15, in which it raised its special rate offer for a four-year fixed mortgage by five basis points and for a five-year fixed mortgage by 10 basis points.
TD spokeswoman Cheryl Hickey said in an email that the bank regularly reviews its rates and adjusts them based on a number of factors.
These include the cost that it pays to fund mortgages and the competitive landscape, she said.
Effective Dec. 1, the lender will charge an additional 10 basis points to their overall rate for all new fixed amortizations of 25 years or more.
That same day, all new mortgages on rental properties will have 25 basis points added to their overall rate.
The changes follow a move by TD on Nov. 15, in which it raised its special rate offer for a four-year fixed mortgage by five basis points and for a five-year fixed mortgage by 10 basis points.
TD spokeswoman Cheryl Hickey said in an email that the bank regularly reviews its rates and adjusts them based on a number of factors.
These include the cost that it pays to fund mortgages and the competitive landscape, she said.
Related:
New mortgage rules to steer consumers to big banks
Nothing says commitment like a mortgage
Expect more fixed rate mortgage loan increases
The post TD hiking rates for longer mortgages, rental properties appeared first on MoneySense.
CIBC’s exposure to mortgage market raises concerns
– moneysense.ca
TORONTO – CIBC’s exposure to the residential mortgage market has increased, raising concerns among some analysts who say it comes at a time when Canada’s real estate market is at risk of a correction.
But the bank said its loan delinquencies remain low and stable, including in the hot housing markets of Toronto and Vancouver.
Edward Jones analyst Jim Shanahan says CIBC’s (TSX:CM) portfolio of uninsured mortgage and home equity loans is 5.4 times its regulatory capital.
That’s up from a year ago, when CIBC’s mortgage loan book was 4.7 times its regulatory capital, said Shanahan, adding that the bank is more at risk in the event of a correction than its peers.
But the bank said its loan delinquencies remain low and stable, including in the hot housing markets of Toronto and Vancouver.
Edward Jones analyst Jim Shanahan says CIBC’s (TSX:CM) portfolio of uninsured mortgage and home equity loans is 5.4 times its regulatory capital.
That’s up from a year ago, when CIBC’s mortgage loan book was 4.7 times its regulatory capital, said Shanahan, adding that the bank is more at risk in the event of a correction than its peers.
Bank stocks and real estate exposure »
The average for the four banks that have reported so far — Scotiabank (TSX:BNS), Royal Bank (TSX:RY), CIBC (TSX:CM) and TD Bank (TSX:TD) — is 3.3 times their regulatory capital.
“It’s clear that they’re more exposed to a sharp reduction in real estate values in Canada than any of the other major banks,” Shanahan said…
Singapore fines banks for 1MDB Fund links
– canadianbusiness.com
SINGAPORE – Singapore regulators said Friday they will fine two banks a total of over $5.3 million for having breached money laundering rules in dealings with an indebted Malaysian state fund.
The Monetary Authority of Singapore fined the local branch of Standard Chartered Bank, which is headquartered in London, 5.2 million Singapore dollars ($3.6 million) for “significant lapses” in customer due diligence measures and controls.
Regulators also fined the Singapore branch of private bank Coutts 2.4 million Singapore dollars ($1.7 million) for inadequate customer due diligence on “politically exposed persons.” Coutts is winding down its Singapore operations after the Royal Bank of Scotland sold it to Union Bancaire Privee last March.
Singapore’s actions result from findings of a multinational probe into allegations that people close to Malaysian Prime Minister Najib Razak stole more than $1 billion from 1MDB, or 1Malaysia Development Bhd.
“The control lapses stemmed from inadequacies in policies and procedures, insufficient independent oversight of front office staff, and a lack of awareness of money laundering risks among some bank staff,” the monetary authority said in a statement…
The Monetary Authority of Singapore fined the local branch of Standard Chartered Bank, which is headquartered in London, 5.2 million Singapore dollars ($3.6 million) for “significant lapses” in customer due diligence measures and controls.
Regulators also fined the Singapore branch of private bank Coutts 2.4 million Singapore dollars ($1.7 million) for inadequate customer due diligence on “politically exposed persons.” Coutts is winding down its Singapore operations after the Royal Bank of Scotland sold it to Union Bancaire Privee last March.
Singapore’s actions result from findings of a multinational probe into allegations that people close to Malaysian Prime Minister Najib Razak stole more than $1 billion from 1MDB, or 1Malaysia Development Bhd.
“The control lapses stemmed from inadequacies in policies and procedures, insufficient independent oversight of front office staff, and a lack of awareness of money laundering risks among some bank staff,” the monetary authority said in a statement…
Russia says foreign spies planning cyberattack on banks
– theglobeandmail.com
Domestic intelligence agency says servers to be used in the alleged attack were located in the Netherlands and registered to a Ukrainian Web hosting company called BlazingFast
