This official statement is an oddity because we just don’t see these kinds of regulatory updates. This is a big deal. The Bank of Canada (the Bank) did something big in December 2024 – a first in fact; it released their first-ever sign-up sheet which are pre-approved for submission under…

Nowadays, online payments have become an integral part of our lives. We resort to them every day. This is why all transactions must be strictly overseed. Canada’s fiscal institution understands its role in controlling monetary market infrastructure and notable  systems of payment. In case there are some problems with these…

2023 was a year of significant alterations in the Canadian regulation of businesses. The aim of all implemented changes are strengthening local AML and CTF structure, expanding reporting obligations, increasing oversight for MSBs, putting forward stronger enforcement and clarity, etc. This article will introduce the changes for enhancement of a…

Barclays is struggling to have parts of its British payment company sold. Meanwhile, BBVA is busy with expanding its stablecoin operations in Switzerland. Let’s take a deep look into the recent changes in the world payment industry. Swift creates a global system for digital fiat funds Within the framework of…

The RPAA-covered enrollment due date is impending. Lawful organizations and substitutes involved in purchasing operations receive a fifteen-day opportunity to apply to the BOC. A formal announcement of an offense under the Act, a mandatory 60-day moratorium on mercantile remittance services, or severe fiscal consequences could follow non-compliance. Suppose either…

The rapid proliferation of financial technology (fintech) has metamorphosed the landscape of finance across Canada and the rest of the world. Fintech companies have provided state-of-the-art payment mechanisms, promising speed, convenience, and savings for consumers and businesses. Yet, their rapid expansion also throws up regulatory challenges for institutions such as…

Loonio, a Canadian digital payments platform, today announced its entry into the protective coverage space. The strategic aim is to facilitate the delivery of financial services that integrate basic transactions with the option of deeming them a sort of coverage. By integrating protection into its platform, Loonio will thus forge…

Since its establishment in the UK, Navro, a virtual payments organization, has captured a global market with a successful registration for FMSB in Canada by FINTRAC to give business money conveyance offerings across the nation. This guide will make you go over the main aspects of the topic and help…

Revenue fraud is a significant concern for both firms and consumers in Canada. While consumers are generally aware of threats like phishing and identity theft, recent data reveals that Canadian industries face a higher risk of payment fraud than individual consumers. Payments Canada, the national economic system operator, has reported…

In December 2024, the Canadian government unveiled substantial proposals to strengthen its anti-money laundering (AML) framework. These calculations aim to enhance the enforcement capabilities of the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and align with global standards set by the Financial Action Task Force (FATF). The proposed…

An MSB license is a mandatory authorization for organizations connected to monetary exchange, e-currency settlement, and related investments. Accounting reliability and legislative obedience are protected by this license, which guarantees adherence with AML and CTF rules. A company’s credibility is also increased by purchasing an MSB license, which promotes cooperation…

Small Electronic Money Institutions (SEMIs) are monetary entities to delete, manage, and facilitate (e-money) transactions under a closely monitored but limited scheme. Compared to fully licensed (EMIs), these firms function under less stringent abidance mandates and offer monetary solutions, prepaid charges, and e-wallets. While obtaining a SEMI license provides numerous…