The PCMLTFA and RPAA seek to regulate overlapping activities—those defined as a money services business, and retail payment activities of a payment service provider, respectively. This panel will examine similarities and differences in these definitions, and what each statue requires of these entities beyond registration. Most MSBs will face significant and different compliance obligations under the PCMLTFA and the RPAA. During this panel, we will explore:

• Understanding where the PCMLTFA and RPAA regimes intersect for PSPs and how to ensure compliance with both
• Understanding the scope of the new regulations
• Preparing for registration requirements under the RPAA that will come into force on November 1, 2024
• Insights into how the BOC interprets its mandate in respect of who is subject to the RPAA and it casts the BOC’s regulatory net very broadly
• How PSPs will be required to hold client funds, and the implications for FIs who offer deposit accounts to these entities