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Approved MSB Services
Your Expert Partner for Compliant Financial Services in Canada
About RPAA
Navigate RPAA Compliance with Confidence
As of November 1, 2024, the Retail Payment Activities Act (RPAA) mandates that all businesses providing payment services in Canada, including Money Service Businesses (MSBs), must register with the Bank of Canada. This critical update reshapes the regulatory landscape for payment providers, and Approved MSB Services (CBES Group), with its team of compliance experts, is here to ensure your business is fully prepared.
As of November 1, 2024, the Retail Payment Activities Act (RPAA) mandates that all businesses providing payment services in Canada, including Money Service Businesses (MSBs), must register with the Bank of Canada. This critical update reshapes the regulatory landscape for payment providers, and Approved MSB Services (CBES Group), with its team of compliance experts, is here to ensure your business is fully prepared.
Why RPAA Compliance Matters:
The RPAA introduces a new level of oversight to protect end-user funds and maintain the integrity of Canada's payment system. Failing to register by November 15, 2024, could result in severe penalties, including fines starting at CAD 1 million and the suspension of business operations.
Comprehensive Support from Approved MSB Services
At Approved MSB Services (CBES Group), we specialize in guiding businesses through the complexities of the RPAA registration process. With over a decade of experience in Canadian MSB licensing, our team offers tailored solutions to ensure full compliance with the RPAA’s requirements. We work closely with FINTRAC and the Bank of Canada to provide seamless registration and compliance services.
Key Services We Offer:
- RPAA Registration Support:We assist in gathering and submitting all necessary documentation to the Bank of Canada, including proof of safeguarding measures for MSBs holding client funds.
- Compliance Program Development:We help you design a robust compliance framework that meets the new RPAA standards, including risk management and fund protection requirements.
- Ongoing Regulatory Monitoring:Our team keeps you informed of all regulatory updates and ensures that your business remains compliant with ongoing RPAA and AML (anti-money laundering) obligations.
Why Choose Approved MSB Services?
Local Expertise, Global Reach
Our office, located in Toronto, Canada, serves clients across the globe, from Europe to Latin America. We combine local regulatory expertise with a deep understanding of global financial services, making us the preferred partner for MSBs looking to expand into Canada.
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Speed and Efficiency
We streamline the entire registration process, ensuring that your business is ready to meet the November 15, 2024, deadline without delay.
Protecting Your Business from Penalties
Penalties for non-compliance can be steep, with fines reaching millions of dollars. By working with Approved MSB Services (CBES Group), you safeguard your operations, protect your clients' funds, and maintain your reputation as a compliant service provider.
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What is the RPAA?
The Retail Payment Activities Act (RPAA) applies to all entities providing payment services in Canada, including but not limited to:
- MSBsproviding money transfers, foreign exchange, or virtual currency services.
- Payment Service Providers (PSPs)involved in initiating or processing electronic funds transfers (EFTs).
If your business offers any of these services, you must comply with the RPAA by registering with the Bank of Canada and ensuring your operational risk management and safeguarding of client funds are aligned with regulatory expectations.
RPAA Compliance Made Simple
1
Contact Us for a Free Consultation
Speak with one of our experts to determine if your business requires RPAA registration and review the necessary steps.
2
Business Structure and Documentation Review
We will assess your current business structure and help you prepare the required documents for RPAA registration, including compliance and safeguarding protocols.
3
Complete Application Support
Our team handles the entire application process with the Bank of Canada, ensuring that your submission is accurate, complete, and timely.
Avoid Fraud — Choose a Licensed and Trusted Partner
We have noticed an increase in fraudulent entities offering quick and cheap registration services.
Our company holds all the necessary certificates and licenses and is a member of the Law Society of Ontario. You can verify our membership here:
Law Society of Ontario Member Directory
Additionally, below you will find photos of our office, which you are welcome to visit in person.
Our company holds all the necessary certificates and licenses and is a member of the Law Society of Ontario. You can verify our membership here:
Law Society of Ontario Member Directory
Additionally, below you will find photos of our office, which you are welcome to visit in person.
| | Take the Next Step Ensure your business is ready for the upcoming RPAA regulations. Approved MSB Services (CBES Group) is here to help you every step of the way, from registration to compliance, so you can focus on growing your business while we handle the regulatory complexities. Contact us now to schedule a consultation and explore how we can assist you in securing your RPAA registration and ensuring ongoing compliance with Canadian laws. |
APPROVED MSB SERVICES (CBES Group)
Unit 1, 300 Supertest Road, Toronto, ON M3J 2M2, Canada
Phone: +1.905.505.4775
Email: info@msbcanada.ca
Unit 1, 300 Supertest Road, Toronto, ON M3J 2M2, Canada
Phone: +1.905.505.4775
Email: info@msbcanada.ca