RPAA Registration Services in Canada
Navigating RPAA registration can be complex, but AML Incubator simplifies the process. Our RPAA registration services provide Payment Service Providers (PSPs) with end-to-end compliance support, from pre-planning to risk management and Bank of Canada documentation submission. Get a quote
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:
- Providing or managing an account for one or more end users
- Keeping/storing funds for an end user
- Starting an electronic funds transfer when requested by an end user
- Offering clearing or settlement services
- Approving an electronic funds transfer or handling instructions related to it
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:
- It ensures regulatory compliance and reduces legal exposure
- It strengthens security measures for handling transactions
- It builds customer trust by demonstrating financial transparency
- It helps PSPs gain future access to Canada’s payment infrastructure
Avoid potential delays—AML Incubator streamlines the process to ensure a smooth RPAA registration experience.
Why Choose AML Incubator for RPAA Registration?
AML Incubator provides comprehensive RPAA registration services, ensuring that Payment Service Providers (PSPs) meet all regulatory requirements under the Retail Payment Activities Act.
Expert Guidance from Start to Finish
AMLI’s seasoned compliance professionals offer specialized consulting services meticulously tailored to your business, guiding you through the complexities of the RPAA and ensuring compliance with its requirements.
Personalized Registration Support
AML Incubator assesses the business model, prepares documentation, and ensures that the RPAA registration application meets all requirements.
Minimize Delays and Rejections
AMLI's expertise and regulatory knowledge enable it to foresee and resolve potential issues, minimizing rejections. Its streamlined processes and relationships expedite the registration process.
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.
RPAA Pre - Planning
AMLI will Review your existing framework to ensure you have everything necessary to begin the registration process. This includes identifying all key deficiencies
RPAA Application
Handling the registration process in its entirety and ensuring that all documentation is provided and all other requirements are met.
Representation with the Bank of Canada
AML Incubator will be the main point of contact for your company when it comes to communicating and working with the Bank of Canada. Managing the entire registration and communicating all expectations as the process evolves
RPAA Risk Management and Incident Response
AML Incubator uses known and approved framework to ensure you have everything necessary to begin the registration process. This includes identifying all required documentation development, and assistance with preparing that documentation. We will consult your business in what is needed to meet the requirements presented by the Bank of Canada and provide you with advice on how to meet those requirements
RPAA Risk Management and Incident Response Implementation
We will provide you with a complete framework on Operational Risk Management, Incident Response and Notification, Help Safeguarding End-user Funds, and the Notice of significant change or new activity. We will work with you to implement this framework, and teach your team how to utilize this framework to meet the requirements presented by the Bank of Canada
Documentation Support
We will ensure that all required documentation is accurate, readily accessible, and securely stored. This not only supports compliance with the RPAA but also prepares your organization for any regulatory inquiries or audits. Please see below for detailed information about the documentation required.
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.
Business Continuity and Resilience
Develop policies that outline procedures for maintaining operations during disruptions.
Cybersecurity
Document protocols for protecting systems against unauthorized access and attacks.
Fraud
Implement policies to prevent, detect, and respond to fraudulent activities.
Information and Data Management
Establish guidelines for handling and securing data to ensure privacy and compliance.
Information Technology
Create documentation for IT infrastructure management and technology deployment.
Human Resources
Outline HR policies covering recruitment, training, and employee conduct.
Process Design and Implementation
Document procedures for designing and implementing effective business processes.
Product Design and Implementation
Develop guidelines for creating and launching products that meet customer needs and regulatory requirements.
Change Management
Establish a framework for managing organizational changes smoothly.
Physical Security of Persons and Assets
Implement policies to ensure the safety of personnel and the security of physical assets.
Third Parties
Document procedures for managing third-party relationships and risks.
FAQ
How long does the RPAA registration process take?
The RPAA registration process varies depending on the complexity of the business and the completeness of the application. On average, businesses should expect the process to take up to a week, including pre-application preparation, submission, and regulatory review by the Bank of Canada. Delays may occur if documentation is incomplete or additional compliance measures are required.
What are the benefits of RPAA registration?
Registering under the Retail Payment Activities Act (RPAA) ensures that a business is compliant with Canadian regulatory requirements, reducing the risk of penalties and legal action.
What happens if a business does not register under RPAA?
Failure to comply with RPAA regulations can lead to:
. Legal consequences, including administrative penalties and potential enforcement actions by the Bank of Canada.
. Operational restrictions, limiting the ability to process, transfer, or store funds legally.
. Reputational damage, affecting customer confidence and business partnerships.
Non-compliance may result in financial service providers refusing to work with unregistered businesses.
What industries require RPAA registration?
Any business engaged in retail payment activities within Canada may be subject to RPAA registration requirements. This includes:
. Payment processors and fintech companies
. Money services businesses (MSBs) offering digital transactions
. Cryptocurrency exchanges and digital wallet providers
. E-commerce platforms handling payments on behalf of merchants
. Prepaid card issuers and stored-value service providers
. Any entity involved in fund transfers, payment settlements, or electronic transaction approvals
What are the key requirements for RPAA registration?
To register under RPAA, businesses must:
. Submit a complete application to the Bank of Canada, including details on operations, risk management, and governance.
. Develop a comprehensive risk management framework, including measures for incident response, cybersecurity, fraud prevention, and financial crime compliance.
. Implement secure processes for safeguarding end-user funds, including policies for fund segregation and dispute resolution.
. Maintain compliance documentation, ensuring readiness for audits and regulatory inquiries.
How can a business begin the RPAA registration process?
Businesses can start by conducting a compliance assessment to determine RPAA applicability. AML Incubator offers a consultation service to evaluate registration requirements, guide businesses through the application process, and ensure all regulatory obligations are met efficiently.
Does AML Incubator provide ongoing compliance support?
Yes. AML Incubator offers continuous compliance monitoring, ensuring that businesses remain RPAA-compliant post-registration. Services include:
. Regulatory updates and policy adjustments
. Ongoing risk assessment and compliance advisory
. Assistance with audits, inspections, and reporting obligations
By maintaining compliance beyond initial registration, businesses can reduce regulatory risks and enhance long-term operational security.