Has your Retail Payment Activities Act (RPAA) application approval been delayed? 🏦 🇨🇦
As we previously reported, the Bank of Canada’s Registry of approved Payment Service Providers is now live, with a list of registered PSPs published to date. You can also view applicants currently under review here.
In a recent update, the Bank of Canada noted that some PSPs have received a notice from the Department of Finance stating that their RPAA registration may take an additional 60 days to process.
Not to worry - these notices are routine and a standard part of the legislative process, but PSPs must be prepared for potential delays.
✨ Why does this delay occur in certain cases? ✨
The Minister of Finance may need more time to determine if a national security review of the applicant is required. When the notice is issued, the period for the Minister to decide if a review is required is extended by 60 days.
Note, It is possible that the decision may be made and communicated before the 60 days has lapsed.
✨ Can the applicant ask questions if this happens?✨
Yes, they can - the applicant may reply directly to the email notice they were issued with any questions they may have. However you should note: the Bank of Canada does not have answers specific to questions regarding National Security Screenings - these questions must be directed to the Department of Finance.
Virtually every MSB (who are now also considered PSPs) in Canada is regulated now under the RPAA - ease the friction with regulators and contact our experts today to find out how we can help you, help keep FINTRAC and The Bank of Canada Happy 😎