RPAA registration · Bank of Canada
Register under the RPAA before enforcement begins
The Retail Payment Activities Act adds a new compliance layer for payment businesses.
We handle the full registration process with the Bank of Canada.
Why payment businesses struggle with the RPAA
New regulatory layer
The RPAA is separate from FINTRAC. Many PSPs assumed their MSB registration was sufficient — it's not. The Bank of Canada now requires its own registration for payment activities.
Missed deadlines
Registration windows are time-limited. PSPs that miss deadlines or file incomplete applications face operational restrictions and penalties from the Bank of Canada.
Complex requirements
Risk management frameworks, fund safeguarding policies, incident response procedures — the RPAA demands documentation most payment businesses haven't built.
What you get
- RPAA applicability assessment for your specific payment activities
- Risk management framework development
- Safeguarding of end-user funds policies
- Incident response and notification procedures
- Complete registration application preparation
- Bank of Canada correspondence and follow-up
How it works
Assessment — we determine whether the RPAA applies to your business and which requirements you must meet.
Framework development — risk management, fund safeguarding, incident response, and all supporting documentation.
Registration filed — complete application submitted to the Bank of Canada with ongoing correspondence support.
FAQ
The Retail Payment Activities Act is a regulatory framework overseen by the Bank of Canada. It applies to payment service providers involved in electronic funds transfers, fund holding, or clearing and settlement. It's separate from FINTRAC's MSB registration.
If you process electronic payments, hold funds for end users, or provide clearing and settlement services in Canada, the RPAA likely applies. This includes payment processors, fintech companies, crypto exchanges with payment functions, and e-commerce platforms.
Many payment businesses need both. MSB registration covers AML/ATF obligations with FINTRAC. RPAA registration covers operational risk and fund safeguarding with the Bank of Canada. They are separate frameworks with different requirements.
Non-compliance with the RPAA can result in penalties, operational restrictions, and enforcement action from the Bank of Canada. The RPAA carries its own enforcement powers independent of FINTRAC.
Timeline depends on the complexity of your payment activities and the completeness of your documentation. We work to prepare your application as efficiently as possible while meeting all Bank of Canada requirements.
Get In Touch
Need to register under the RPAA?
Free 30-minute consultation. No obligations.
Toronto, Ontario, M5B 1Y4, Canada