This framework is designed to ensure compliance with the Retail Payment Activities Act (RPAA), which aims to regulate payment service providers (PSPs) in Canada. The RPAA introduces requirements for risk management, fund safeguarding, reporting, and more, in response to evolving technologies and the increasing complexity of payment services. This compliance framework uses the RPAA regulations outlined in R-7.36 as its foundation and incorporates guidance from common industry frameworks like SOC2 and OFDSS to help PSPs effectively manage compliance and operational risks.
This section outlines the controls necessary for PSP registration and operations as mandated by the RPAA. These controls are designed to ensure compliance with specific sections of the Act.
