Bill C-29: Financial Crimes Agency Act

This bill primarily affects businesses in the financial services sector across Canada — banks, credit unions, investment firms, money services businesses, fintech companies, and cryptocurrency/digital asset platforms — whose operations could become subject to investigation by this new dedicated agency. Businesses involved in financial reporting, anti-money laundering compliance, and transactions involving digital assets may face more focused enforcement scrutiny. The impact extends to any business in any industry that handles significant financial transactions or could be connected to proceeds of crime, as the agency's mandate covers designated offences broadly. Size matters less than the nature and complexity of the financial activity; however, larger firms with complex cross-border or multi-provincial financial operations are more likely to draw investigative attention from this agency.