The Debanking Dilemma in Canada

This chapter examines the rising trend of Canadians being debanked from 2019 to 2023, coinciding with increased regulatory pressure on banks to report suspicious transactions. It highlights the complexities of debanking complaints, including a lack of awareness about filing with the OBSI and a significant mismatch between rising complaints and declining prosecutions for financial crimes. Through exploring the triggers for bank scrutiny and the challenges faced by debanked individuals and businesses, the chapter sheds light on the broader implications for financial security in Canada.