Bank of Canada to begin publishing Notices of Violation by Payment Service Providers

The Bank of Canada will soon start publishing notices of violation related to payment service providers (PSPs) that are subject to the Retail Payment Activities Act (RPAA) and the associated Retail Payment Activities Regulations.

After a PSP has received a notice of violation, and once the period for making representations has expired, the notice will be published on the Enforcement decisions section of the Bank’s website. The enforcement decision will provide some details on the nature of the violation, as well as the amount of any administrative monetary penalty.

The violation will also be noted on the PSP’s entry on the Bank of Canada’s Registry of PSPs.

For further information, contact

Content Type(s):
Regulatory news

Subject(s):
Retail payments, Enforcement