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Bank of Canada Publishes New Retail Payment Enforcement Policies

Payments Regulation | Jun 18, 2024

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The Bank of Canada has announced new supervisory policies around enforcement

On June 17, 2024, the Bank of Canada implemented various new regulatory measures around enforcement aimed at improving oversight of payment service companies.

See:  BoC Speech: Essence of the New Retail Payment Activities Act

These policies centre on:

  • Administrative Monetary sanctions (AMPs): Implementing new penalties for noncompliance.
  • Enforcement Process and instruments: Streamlining enforcement procedures and instruments.
  • Public Notice of Decisions: Developing guidelines for providing public notices of enforcement actions.
  • Governor's Review: Defining the process for examining the Governor's decisions.
  • Executive Roles: Clarifying the roles and responsibilities of the Executive Director and the Managing Director.
  • Significant Adverse Impact: Managing problems with considerable negative consequences.

They also updated their Glossary of Terms about retail payment supervision.

Resource:  BoC Update for PSPs: New Registration Guide and Supervisory Policies Available

Review this comprehensive page hosted by the Bank of Canada around Retail Payments Supervision - Policies and Guidelines.

Conclusion

The introduction of these policies comes at an important time, as digital payments continue to expand fast. NCFA Canada emphasizes the importance of staying informed to ensure compliance in order to maintain the payment ecosystem's integrity.


NCFA Jan 2018 resize - Bank of Canada Publishes New Retail Payment Enforcement PoliciesThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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