Starting in September 2025, the Bank of Canada (BoC) is expected to become the new regulatory authority for certain types of Money Services Businesses (MSBs), particularly those dealing in payment service provision and virtual currencies. This change is part of the federal implementation of the Retail Payments Activities Act (RPAA), which seeks to modernize and strengthen regulatory oversight of retail payment service providers operating in Canada.

This transition will bring enhanced regulatory clarity, updated operational and reporting standards, and a stronger emphasis on consumer protection, financial transparency, and institutional trust. While this represents a step forward in aligning Canada’s financial regulatory environment with global standards, it also introduces new compliance obligations and timelines that MSBs must be ready to meet.

Businesses operating as MSBs under FINTRAC must now begin preparing to register with the Bank of Canada under the new RPAA framework. Once the BoC begins enforcing the new rules, unregistered or non-compliant MSBs may face business disruptions, service restrictions, or even penalties.

Starting the application and alignment process early allows your business to:

• Ensure uninterrupted operations when the new regime goes into effect
• Assess internal readiness for BoC requirements, including safeguarding measures and risk mitigation protocols
• Avoid regulatory backlog as a flood of applications is expected closer to the enforcement date
• Signal trust and preparedness to banking partners, investors, and customers

Whether you’re already registered with FINTRAC or launching a new MSB, ReadyCorp can guide you through the transition — helping you align policies, reporting systems, and operational structure to meet the Bank of Canada’s compliance expectations ahead of schedule.

FINTRAC has been experiencing significant delays: Even though your MSB is not appearing on FINTRAC, as long as it has been registered with FINTRAC, the MSB is fully authorized to operate and register with the BoC.

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Website: https://www.readycorp.co/msb-canada