The big day is coming soon. Are you RPAA ready?
In anticipation of September 8th, the Bank of Canada has sent out a few reminders that we thought our audience may find interesting.
There are 3 important updates you need to be aware of.
1. Supervisory Requirements come into effect on September 8th ✅
As of September 8, 2025, registered PSPs will be subject to supervisory assessments.
First, it is important to note that a supervisory assessment under the RPAA aims to achieve different goals than a FINTRAC examination. A supervisory assessment under the RPAA is only applicable to registered PSPs, to ensure end-users are protected and the retail payments system in Canada is reliable and safe. A conducted FINTRAC examination on the other hand is applicable to all reporting entities under the Proceeds of Crime (Money Laundering) and Terrorist Financing (PCMLTFA), to help ensure AML/ATF compliance.
As far as supervisory assessments, for PSPs ….what does this mean?
It means you will have to comply with the Bank of Canada’s new requirements under the RPAA including:
🔴 Safeguarding of end-user funds
🔴 Reporting Obligations under the Retail Payment Activities Act (RPAA)
2. The Bank of Canada will begin publishing a registry of PSPs operating in Canada as of September 8th 📋
Here are the main points:
🔴 A full list of PSPs that have registered under the RPAA will be available as of September 8th. Additionally, businesses and entities that applied but were not approved will also be listed. There are many reasons a PSP application may not be approved, including if the Bank determines that an entity is not really a PSP under RPAA. The Bank can also reject an application for various reasons. Rejections will also be listed publicly. This is very important as a publicly listed rejection can have implications for your business. Banking service providers will have access to this list and if your business is shown as a rejected applicant, you may be denied access to banking services.
🔴 The Registry will be updated on a rolling basis as more PSPs are registered. Note, not all applications will be processed by September 8th. Therefore, if you have applied before this date and don’t see your entity name listed, keep yourself in the loop, as your application status will become public…eventually!
🔴 The bank will maintain the list of of applicants whose reviews have not been completed yet. You can find that here
3. In due course, there will be annual assessment fees for PSPs. 💸
Why?
This will be so that the Bank of Canada can recover its supervision costs. Currently, the cost recovery formula is to be determined and we do not have a date for when this will come into effect. However, we know that many of you are probably interested in the potential costs; as soon as we have more information, we will make an announcement.
For now you can consult the Bank of Canada’s published materials
We have helped multiple PSPs prepare for the RPAA with ease. Leverage our Retail Payment experts if you want to make sure you are in top shape for September 8th.