🚨 PSPs: recently the Bank of Canada (BOC) sent out a reminder about your key reporting obligations under the Retail Payment Activities Act (RPAA).

Here is what you need to remember to report to the BOC:

✅ Incidents with a material impact on end users, other PSPs or certain clearing and settlement systems - within 48 hours of determining material impact

✅ Significant changes or new activities - at least 5 business days before they occur

✅ Changes to registration information (typically 30-days before)

✅ Certain organizational changes - re-registration is required before proceeding

✅ Annual Reports are due by March 31st each year (for key information on RPAA Annual Reporting, read our recent article here )

What to remember:

🔴 PSPs should always plan ahead as many of the changes reportable to the BOC require advance notice.

🔴 You must act quickly when it comes to incident reporting (timelines begin when materiality is determined).

🔴 All submissions should go through the PSP Connect portal

PSPs that do not meet these requirements may be subject to enforcement action.

If your team has any questions regarding RPAA compliance and how to meet these standards, reach out today and one of our experts will be in touch to discuss your program.