We have some important Retail Payment Activities Act (RPAA) updates from the Bank of Canada that you will want to take note of.
First, The Bank of Canada wants to remind those registered under the RPAA of some important deadlines for compliance:
1. Requirements for Operational Risk and Incident Response and Safeguarding of End User Funds come into effect September 8, 2025. PSPs must be ready to comply by this date. The Bank of Canada has also stated that if there are any gaps, you should have a clear plan to resolve them.
2. Annual Reporting requirements will also come into effect September 8, 2025 with your first annual report being due in March 2026.
Second, there have been updates to the Administrative Monetary Penalties (AMPs) supervisory policy to clarify how penalties are determined. Changes and amendments include expanded guidance on the Harm that can result from violation of the law and added details to the Baseline level of Potential Harm that can result from a violation. You can read more about the AMP supervisory policy here.
And if you have any questions about this update or anything related to the RPAA, reach out to us and an expert will be in touch to discuss contactus@theamlshop.ca