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ARTICLE · 26 JUNE 2024

Getting Ready For The Retail Payment Activities Framework - New Policies Regarding Supervisory Enforcement

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The Bank of Canada will launch the retail payment activities framework in just over four months and there have been new developments concerning its oversight approach. On June 17, 2024, the Bank published...

CanadaFinance and Banking
Koker Christensen
Koker Christensen
Tara Newman
Tara Newman
Caitlin Sabetti
Caitlin Sabetti
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The Bank of Canada will launch the retail payment activities framework in just over four months and there have been new developments concerning its oversight approach. On June 17, 2024, the Bank published seven new supervisory policies outlining its enforcement tools and related processes, providing more insight into how it will oversee the Retail Payment Activities Act (RPAA).

New RPAA Enforcement Policies

  1. Enforcement Tools Policy
    • The Bank has provided some additional details on its spectrum of enforcement tools, while noting that it will strive to maintain fairness through both a consistent and proportional approach to assessing RPAA violations by payment service providers (PSPs), with the aim of motivating PSPs to comply with their legislative obligations.

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