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ARTICLE · 10 JANUARY 2024

Payments Regulatory Year In Review

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This Bulletin summarizes key regulatory developments impacting the payments and AML/ATF regulatory sectors in 2023 and looks ahead to 2024.

CanadaFinance and Banking
Koker Christensen
Koker Christensen
Nicolas Faucher
Nicolas Faucher
Felicia Yifan Jin
Felicia Yifan Jin
Caitlin Sabetti
Caitlin Sabetti
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This Bulletin summarizes key regulatory developments impacting the payments and AML/ATF regulatory sectors in 2023 and looks ahead to 2024.

Regulatory Regime for PSPs Launches in 2024

The Bank of Canada and the federal government made significant progress in 2023 on the new regulatory framework for Payment Service Providers (PSPs). These include individuals or entities who perform payment functions (other than as incidental to another service or business activity, such as banking) within a prescribed geographic scope.

  • The final Retail Payment Activities Regulations under the Retail Payment Activities Act (RPAA) were published in November 2023. The RPAA and its regulations will require PSPs to register with the Bank of Canada, establish a risk management and incident response framework, assess arrangements with third parties and, if the PSP holds end user funds, meet safeguarding of funds requirements. For more information about the RPAA, please refer to our

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