AML Compliance Services for Payment Service Providers
PSPs answer to two separate regulators under two entirely separate regimes. Bank of Canada registration together with FINTRAC obligations are different things, together with satisfying one does absolutely nothing for the other.
- FINTRAC Registered
- Cross-Border Expertise
- Audit Ready
Speak To Specialists
Two Regimes, Two Regulators, Two Registrations
Payment service providers occupy an unusual position in Canadian regulation. The Retail Payment Activities Act brought payment providers under Bank of Canada oversight, covering operational risk, safeguarding of end user funds, and incident reporting. That regime is entirely separate from anti money laundering law, which is administered by FINTRAC and concerns itself with completely different questions about who your customers are.
Businesses regularly assume that registering under one regime addresses the other, and it does not. Bank of Canada registration does not expire, while FINTRAC MSB registration must be renewed every two years. The two regimes ask for different documentation, examine different things, and can both apply to the same business simultaneously. Knowing which duties come from where is the starting point.
Dual Regime Support for PSPs
We deliver Bank of Canada RPAA registration, FINTRAC registration where applicable, end user fund safeguarding frameworks, operational risk documentation, anti money laundering program development, independent effectiveness reviews, and ongoing compliance support for payment service providers.
PSP Registration
End-to-end PSP registration support under Canada's Retail Payment Activities Act framework.
MSB Licensing
Complete MSB licensing and FINTRAC registration for money services businesses nationwide.
Banking
Deliver secure banking compliance solutions supporting regulatory excellence and operational efficiency.
AML Compliance
Build robust AML frameworks ensuring regulatory compliance and effective financial crime prevention.
Regulatory Consulting
Receive strategic regulatory advice supporting sustainable growth and complete compliance confidence.
Transaction Monitoring
Ongoing transaction monitoring and screening to detect and report suspicious activity.
Why PSPs Choose Our Support
We handle both regimes together rather than treating them as one single thing, because the requirements come from different regulators asking genuinely different questions about how your business actually operates.
Both Regimes Covered
We handle Bank of Canada and FINTRAC requirements together, since satisfying one does nothing whatsoever for the other.
Safeguarding Properly Built
We build end user fund safeguarding arrangements, which the retail payments regime requires and anti money laundering law does not.
Renewal Cycles Tracked
We track which registration expires and which does not, because the two regimes differ on this specifically.
Scope Correctly Determined
We establish which regimes actually reach your business, since many payment providers fall under one but not both.
PSPs We Support Across Canada
We support payment service providers in every single province and territory across Canada, alongside foreign payment businesses performing retail payment activities for Canadian end users from entirely outside the country itself.
What Our Clients Say
Canadian financial firms trust ABM Global Compliance to navigate complex regulation with clarity and care. From MSB licensing to ongoing AML support, our clients value our responsiveness, expertise, and genuine commitment to their long-term compliance success.
Let's Talk About Your Compliance Needs
Schedule a Free Consultation
Whether you’re starting a new MSB or need ongoing AML support, our team responds within one business day.
Payment Provider Questions
Clear answers to the questions payment service providers ask most about the two separate regulatory regimes that can apply to them.
Are these the same regime?
No. Bank of Canada oversight under the retail payments regime and FINTRAC anti money laundering supervision are entirely separate things.
Does our registration ever expire?
Bank of Canada registration does not expire. FINTRAC MSB registration, where it applies to you, requires renewal every two years.
What exactly is fund safeguarding?
Holding end user funds so they remain protected if your business fails, which the retail payments regime specifically requires.
Do both regimes apply to us?
That depends on your activities. Many providers fall under both, some only one, and we establish which before building anything.
We are located outside Canada
Performing retail payment activities for Canadian end users can create obligations here regardless of where your business sits.