Retail Payment Activities Act Step-by-Step guides released by the Bank of Canada

New resource alert for PSPs 🎉

The Bank of Canada (BOC) has released two new step-by-step guides to help support PSPs and their obligations under the Retail Payment Activities Act (RPAA).

Here is everything you need to know (with links!):

🟧 Guide #1 deals with how to complete an incident notice.

PSPs are obligated to notify the Bank of Canada if they become aware of an incident that has a material impact on an end user, another PSP or clearing house.  Additionally, the PSP must notify any impacted entities or individuals if applicable. This step-by-step guide will walk you through the process of completing an incident notice in PSP connect and will provide information on the required information and supporting documents you must supply to the BOC.

🟧 Guide #2 outlines how to complete a notice of significant change or new activity.

As we have previously communicated to PSPs, before any retail payment activities happen or a significant change is made to a retail payment activity, PSPs must notify the Bank of Canada in advance. This step-by-step guide helps PSPs navigate how to submit a change or new activity through PSP connect and will help you ensure you have all necessary elements to fulfill your obligations.

RPAA compliance can be tough - let us show you how We Help Keep the Bank of Canada Happy. contactus@theamlshop.ca to get started!