Payment Service Provider Compliance in Canada
Registration is the beginning, not the end. We help registered PSPs meet their ongoing RPAA obligations, from operational risk and funds safeguarding to annual reporting, so Bank of Canada supervision holds no surprises.
Meeting Your Obligations After PSP Registration
Since September 2025, registered payment service providers must maintain an operational risk and incident response framework and safeguard all end-user funds they hold. These are not one-time documents that sit on a shelf. The Bank of Canada assesses whether your controls actually work, and we make sure they do.
Prepared for Supervision and Assessment
The Bank of Canada supervises through desk assessments, on-site visits, and special audits, and it can request information on fifteen days notice or even less. PSPs that fall short face warning letters, compliance agreements, notices of violation, and administrative monetary penalties. We keep your framework and your records assessment-ready all year round.
Risk Framework
We build and test your operational risk and incident response framework to RPAA standards.
Funds Safeguarding
We document trust or segregated account arrangements that protect end-user funds properly.
Mandatory Reporting
We prepare your annual report, significant change notices, and incident notifications on time.
Assessment Support
We manage information requests and guide you through Bank of Canada assessments.
Ready to Simplify Your Compliance?
Payment Businesses We Support
We support payment processors, digital wallets, money transfer platforms, payment gateways, and foreign PSPs serving Canadian end users. Every framework we build reflects your payment functions, your fund holdings, and your operational scale.
We support banks with program design, oversight, & regulatory examination readiness.
We help credit unions meet obligations proportionate to their membership and scale.
We handle registration, renewals, reporting, & controls FINTRAC expects from you.
We cover Bank of Canada registration alongside your anti money laundering obligations.
We establish what your wallet activity triggers, then build only what applies.
We build compliance around what your product does, before volumes and questions arrive.
We register virtual currency dealers and build the reporting their activity demands.
We support financial institutions across registration, program build, and reporting duties.
Why PSPs Choose Our Compliance Team
Framework Depth
We build risk and safeguarding frameworks that withstand assessment, not templates that collapse under the first information request.
Deadlines Covered
Annual reports, change notices, and incident notifications all carry firm deadlines, and we make sure every one is met.
Dual Compliance
Most PSPs answer to FINTRAC as well, so we align your RPAA and anti-money laundering obligations under one program.
Serving PSPs Across Canada
We support payment service providers nationwide, from Toronto and Montreal to Vancouver and Calgary, and we advise foreign PSPs directing services at Canadian end users. Your compliance meets Bank of Canada expectations wherever you operate.
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.
PSP Compliance Questions
Clear answers to the questions registered payment service providers ask most about RPAA obligations, Bank of Canada supervision, and ongoing compliance requirements.
What must a registered PSP do?
Registered PSPs must maintain an operational risk and incident response framework, safeguard end-user funds, submit mandatory reports, and pay an annual assessment fee.
How must end-user funds be safeguarded?
You must hold funds in trust, or in a segregated account backed by insurance or a guarantee, with a written framework explaining end-user access.
When is the PSP annual report due?
The annual report is due no later than March 31 of the year following the reporting year, submitted through the PSP Connect portal.
What happens during a Bank assessment?
The Bank may conduct a desk assessment, an on-site visit, or require a special audit. You typically have fifteen days to respond to information requests.
What are the penalties for non-compliance?
Enforcement escalates from warning letters to compliance agreements, notices of violation with monetary penalties, and compliance orders. Violations are published on the Bank website.