If you or your business performs payment activities within Canada, you may have obligations under the new Retail Payments Activities Act.
The Retail Payments Activities Act requires payment services providers to register with the Bank of Canada for supervision, have safeguarding provisions to protect client funds, maintain an operational risk and incident response plan, among other requirements.
The RPAA is a completely new set of compliance obligations within Canada. The Regulation Factory has a unique advantage setting up compliance with similar requirements in the UK, Australia and New Zealand. We have been through this before, and succeeded. Let us help you succeed as well.
November 1, 2024 is the big day to begin registration with the Bank of Canada. Registration then closes November 15th and requirements to establish risk management and safeguarding frameworks will come into force September 8, 2025.
The Regulation Factory can help you with all of this.
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