On February 14th, the Bank of Canada published new guidance on the Retail Payment Activities Act (RPAA).
As we have been informing our clients, under the legislation, registration with the Bank of Canada is mandatory for PSPs starting November 1st, 2024. Your registration with the Bank of Canada must be filed by November 15th, 2024. Learn more about the regulations here.
Additionally, the Bank of Canada has recently released a step by step guide for new registrants. This guide will help applicants gather documentation and information required to complete the registration forms.
There have also been new policies and amendments announced under this guidance. Notably, new PSPs are now obliged to new quantitative reporting when registering and on an annual basis. Conveniently, the Bank of Canada has offered guidance on how to report these metrics in their newly released policy.
Additionally, any amendments to registration applications must be reported to the Bank of Canada. This includes any changes to information provided in your application; please note, it is the applicant’s mandatory responsibility to inform the BOC of these changes. Read more about the policy here.
At The AML Shop, we can help PSPs register under the new regulations of the Retail Payment Activities Act and help plan for these upcoming changes. Reach out to us today to get started!