Canada continues to serve as a well known hub for multinational monetary creativity and offerings, drawing firms all around the world. A vital role in that environment play MSBs that are enterprises that offer services pertaining to transferring, exchange and management of funds. It is a highly developing industry in…
The Canadian MSB field is changing and modernizing due to speedy technological development, regulatory structure evolution, and alterations of clients’ inclinations. That industry holds a significant position in money conveying, foreign exchange, and transactions pertaining to e-money. What is more, the growing demand for virtual money transfer services and global…
The Retail Payment Activities Act (RPAA), alongside its accompanying regulations, marks a significant step in Canada’s evolving regulatory landscape, aiming to enhance the supervision of PSPs in the retail sector. Enacted to address potential risks in payment systems, the RPAA and its finalized regulations, published on November 22, 2023, establish…
Canada has long recognized the importance of a robust regulatory framework to combat AML/ATF. With the rapid evolution of financial crimes and increasing global scrutiny, the country’s regulatory system continually adapts to address new threats and align with international standards. The federal government’s 2023 Budget and recent proposals from the…
The Bank of Canada (BoC) has launched a groundbreaking Retail Payments Supervisory Framework under the Retail Payments Activities Act (RPAA), enacted in June 2021. This framework sets out a regulatory structure for overseeing retail payment activities, ensuring the safe, efficient, and reliable functioning of payment service providers (PSPs) in Canada….
Synctera, a Banking-as-a-Service (BaaS) company that has pioneered financial technology innovation in the United States, has officially launched its embedded banking platform in Canada. Known for enabling financial technology (FinTech) startups and other companies, MSB particularly, to create compliant banking products, Synctera’s move to expand north signals a new era…
FloxyPay, a forward-thinking financial technology company, has recently announced a strategic partnership with Bof Bank, a significant development in the FinTech landscape. This partnership not only broadens the horizon for FloxyPay’s financial services but also solidifies its position as a licensed MSB through Fintrac, Canada’s national financial intelligence unit. This…
Yotemo, a prominent monetary technology company specializing in cross-border remittances and digital monetary favors, has recently achieved a significant milestone by obtaining the Canadian Money Services Business (MSB) license. This pivotal moment in Yotemo’s journey not only underscores its commitment to regulatory compliance and customer trust but also positions the…
In a significant regulatory development, Binance, one of the world’s largest crypto-currency exchanges, has been fined C$6 million by Canadian bodies for violations of anti-money-laundering (AML) adjustments. This penalty marks a pivotal moment in the ongoing global scrutiny of crypto-currency exchanges and their adherence to monetaryh adjustments. This article delves…
In a significant milestone for the financial technology sector, Cornerstone FS has announced that it has secured a license to supplypayment favors to enterprises in Canada. This strategic move is poised to enhance the company’s footprint in the North American market and offers a robust solution for enterprises seeking efficient,…
In the immediately maturing terrain of crypto, where innovative technologies bring new possibilities, they also open doors for deceptionulent actions and abuses. Recognizing the need for robust solutions to address these challenges, KPMG-Canada has taken a significant step by partnering with Chainalysis, a leading blockchain analysis enterprise. This complicity aims…
On April 21, 2023, the Canadian governance unveiled the Notice of Ways and Means Motion, ushering in pivotal changes to the Proceeds of Crime (Money Laundering) and Terrorist Sponsoring Act (PCMLTFA) as outlined in the 2023 federal budget. Our previous coverage (refer to our Blakes Bulletin: 2023 Federal Budget: Impact…
