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Levelling Up: Payment Services Providers To Be Subject To Bank Of Canada Oversight Under The New Retail Payments Activities Act - Finance and Banking


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Payment service providers, outside of banks and other regulated
financial institutions, are currently lightly regulated in Canada.
Other than laws of more general application, only the federal
Proceeds of Crime (Money Laundering) and Anti-Terrorism
Act (PCMLTFA) and the Quebec
Money Services Businesses
Act specifically regulate payment providers who fall under the
definition of money services business, and the PCMLTFA s
objects are limited to the relatively narrow purposes of
intelligence gathering activities for the detection and deterrence
of money laundering and terrorist financing and related ....

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Regulation of Retail Payments in Canada - The Retail Payments Activities Act Has Arrived | Blake, Cassels & Graydon LLP


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As was expected and announced in Budget 2021: A Recovery Plan for Jobs, Growth and Resilience, on April 30, 2021 the federal government released Bill C-30 containing, among other things, a draft of the long-awaited
Retail Payments Activities Act (RPAA). While the devil will be in the detail of the implementing regulations, much can be gleaned from a review of the provisions of the RPAA as drafted.
The new regulatory payments regime, to be regulated by the Bank of Canada (Bank), is ground-breaking in that it provides for the first regulatory scheme for retail payment providers in Canada.  ....

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