RPAA Registration Services in Canada
What Is the RPAA?
The Retail Payment Activities Act (RPAA) is a new framework established under the Canadian Payments Act to supervise Payment Service Providers (PSPs) nationwide. The Bank of Canada will oversee PSPs involved in retail payments to handle security and operational risks, protect customer funds, and build trust in Canada's payment system. The RPAA also offers a pathway for PSPs to join Payments Canada and use Canada's Real-Time Rail payment system once membership criteria are updated in the Canadian Payments Act.
Who Needs to Register Under RPAA?
RPAA registration will be required for businesses that perform any of the following activities:
Why RPAA Registration Is Essential for Payment Service Providers?
Failure to comply with the Retail Payment Activities Act can lead to penalties, legal risks, and operational restrictions. RPAA registration is essential because:
Avoid potential delays—AML Incubator streamlines the process to ensure a smooth RPAA registration experience.
RPAA Registration Service Packages
Comprehensive RPAA Registration Services for Payment Service Providers
AML Incubator can assist you with your RPAA Registration, assessment and guide you throughout the process. If you are unsure as to whether or not your MSB requires registration, please contact us for a free consultation.
Building RPAA-Compliant Policies for Operational Success
RPAA compliance requires businesses to develop strong risk management, cybersecurity, fraud prevention, and data security policies. These policies ensure regulatory compliance, protect customer funds, and mitigate risks.