Bank of Canada now supervises the activities of payment services providers
Norton Rose Fulbright’s web site just published an interesting article about the entry into force of several provisions of the Retail Payment Activities Act (RPAA) and the mandate given to the Bank of Canada to supervise payment services providers.
As of September 8th, PSPs must comply with RPAA obligations regarding operational risk management and safeguarding end-user funds, as well as reporting and recordkeeping requirements. The entry into force of this new legislative framework could have significant impacts on PSPs’ business in Canada.
To read the complete article, follow this link.