Description

Introduction of Retail Payment Activities Act including compliance duties

The draft Retail Payment Activities Act is first read as division 8 of the Budget Bill C-30. It creates specific duties for payment service providers, especially those holding end-user funds, which include holding such funds in a special account, establishing an operational risk management and an incident response framework and annually reporting on the latter.

Original source

Scope

Policy Area
Other operating conditions
Policy Instrument
Other operating condition, nes
Regulated Economic Activity
other service provider
Implementation Level
national
Government Branch
legislature
Government Body
parliament

Complete timeline of this policy change

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2021-04-30
under deliberation

The draft Retail Payment Activities Act is first read as division 8 of the Budget Bill C-30. It cre…