Proposed Retail Payment Activities Regulations challenge payment service providers

The Government of Canada published proposed Retail Payment Activities Regulations in February 2023, detailing everything from what payment service providers need to do in order to be compliant with the Retail Payment Activities Act and penalties they may face for noncompliance.

Co-head of Torys’ Consumer Protection practice and Fintech group Brigitte Goulard told The Logic that these regulations are just the tip of the iceberg for payments companies, with further compliance requirements coming for those eligible for the Real-Time Rail and open banking.

Read: The bar is set: draft Retail Payment Activities Act Regulations are published

“Payment service providers may need to establish their own compliance department or partner with a compliance management entity, another payment service provider or even a bank that can help,” Brigitte added.

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