PSP Compliance Assessment and Examination Support
The Bank of Canada assesses registered PSPs, and any findings become public. We prepare you before the assessment lands, manage the information requests when they arrive, and respond if enforcement action follows.
How the Bank of Canada Assesses PSPs
Supervision is continuous. The Bank may run a desk assessment remotely, visit your offices in person, or require a special audit with a scope that it defines itself. Information requests arrive with tight deadlines, often around fifteen days. What you produce, and how quickly, shapes the outcome.
When Findings Become Enforcement
Enforcement escalates. A warning letter can become a compliance agreement, then a notice of violation with a monetary penalty, then a compliance order. Violations are published on the Bank of Canada website, naming your business, the breach, and the penalty. We work to resolve issues before they reach that point.
Readiness Preparation
We test your frameworks and records against what assessors will actually ask for.
Request Management
We compile and submit responses to Bank of Canada information requests within deadline.
Assessment Support
We guide you through desk assessments, on-site visits, and special audits directly.
Enforcement Response
We remediate findings and manage your response to violations and compliance agreements.
Ready to Simplify Your Compliance?
Registered PSPs We Support
We support payment processors, digital wallets, remittance operators, gateways, and foreign PSPs registered with the Bank of Canada. Whether an assessment is scheduled or already underway, we step in at any stage.
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 Call Us Before Assessment
Deadline Discipline
Information requests carry short deadlines, and a late or incomplete response tells the Bank more than the answer itself.
Findings Reduced
We identify the weaknesses assessors look for and close them before your assessment begins, not after.
Publicity Avoided
Violations are published by name, so we work to resolve findings quietly at the earliest possible stage.
Serving PSPs Across Canada
We support payment service providers nationwide, from Toronto and Montreal to Vancouver and Calgary, and we also assist foreign PSPs facing Bank of Canada supervision wherever they happen to be based.
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 Assessment Questions
Clear answers to the questions registered payment service providers ask most about Bank of Canada assessments, information requests, and enforcement under the RPAA.
What types of assessment exist?
The Bank may conduct a desk assessment remotely, an on-site assessment at your offices, or require a special audit with a scope the Bank defines.
How long do we have to respond?
Information requests typically allow around fifteen days, though urgent matters can require a response far more quickly than that.
What happens if we fail an assessment?
Enforcement escalates from warning letters to compliance agreements, then notices of violation with monetary penalties, and ultimately compliance orders enforceable in court.
Are RPAA violations made public?
Yes. The Bank of Canada publishes notices of violation, including the name of the PSP, the nature of the breach, and the penalty imposed.
Can these penalties be reduced?
Entering a compliance agreement with the Bank can reduce the penalty, and early remediation strengthens your position considerably before enforcement escalates.