By now, PSPs subject to the Retail Payment Activities Act (RPAA) should be well aware that they were to apply for registration with the Bank of Canada by November 15, 2024 🏦
Non-compliance under the RPAA, including failure to register, can result in an enforcement action by the bank. If you did not apply by the deadline, you must apply immediately and at least 60 days before beginning any retail payment activities. 🚨
Additionally, the Bank of Canada recently updated its Enforcement Process policies when it comes to investigations due to non-compliance.
If you are a PSP or soon to be registered as PSP, you will want to take note of the following:
If an entity or PSP is in violation of the RPAA and an investigation has been initiated, the Bank of Canada may use a variety of communication methods to contact your entity, including by:
💌 emails (including encrypted emails)
🤳 phone calls
🚴🚚 sending notices by courier
💬 other methods of communication
So - keep your eyes tuned into all your communication mediums…as the Bank of Canada can find you in a variety of ways 😬 And if they do, The AML Shop will be waiting in the wings to help.
If you are the subject of an investigation or need help with registration or program documents, reach out to our team of RPPA experts. We currently help over 30 clients with their RPAA needs, helping them mitigate risk and achieve and maintain compliance.
contactus@theamlshop.ca to get started on your compliance journey.