Big news is here from the Bank of Canada:
The Bank of Canada recently published a list of individuals and entities that have applied for payment service provider (PSP) registration under the Retail Payment Activities Act (RPAA). This list does not include information about approvals from the Bank of Canada. We will hear more about approvals in September 2025. Be sure to stay tuned for more information.
This list allows reporting entities like FI's and other MSBs/PSPs the ability to conduct due diligence checks as they onboard PSPs or when they are conducting ongoing monitoring.
This list is an invaluable tool that can help your business stay compliant. Read more here
And if your Financial Institution or MSB/PSP needs help with any RPAA or AML compliance matters, or you are a Payment Service Provider in need of RPAA consulting, our experts are standing by to help. Reach out to us at contactus@theamlshop.ca