The United States (US) and Canada share the world’s longest border, which handles daily over $2 billion in trade along with the thousands who cross for business or tourism. The constant flow of people and money is facilitated by digital payments, making transactions faster, easier to use and more convenient.
Businesses helping people make those payments often operate on both sides of our border. But many of them aren’t regulated in Canada, particularly when it comes to operational risks and protecting end-user funds.
That reality is about to change. Under the Retail Payment Activities Act, the Bank of Canada (the Bank)—Canada’s central bank—will soon regulate payment service providers (PSP). Those that have a place of business in Canada as well as certain US-based payment firms will need to register with the Bank.
In this webinar, hear how this new retail payments supervisory framework could impact your business and how to prepare for compliance with Canadian law and regulations. Join Nikil Chande, the Senior Director in the Supervision Department at the Bank of Canada, who will share insight on:
· Key comparisons between Canada and the US regulatory frameworks
· Why the Bank of Canada is mandated to supervise foreign payment service providers
· Who this will affect and when
· How to get involved and help shape the Bank’s supervisory framework
Speaker Nikil Chande Senior Director of Registration and Enforcement Bank of Canada
When August 16, 2023 from 3 pm-4 pm EST