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Nov 6, 2024 | 
mondaq.com | Alana Scotchmer |Angelica Wilamowicz
With the clock ticking down to the Nov. 15, 2024 deadline for
payment service providers (PSPs) to register with the Bank of
Canada, Canada's financial services landscape is on the cusp of
a major transformation. At the heart of this shift is the
Retail Payments Activities Act (RPAA), a key pillar in
Canada's drive to modernize payments and create a more
competitive, secure ecosystem.
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Nov 6, 2024 | 
mondaq.com | Parna Sabet-Stephenson |Alana Scotchmer |Angelica Wilamowicz
GW
Gowling WLG
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Gowling WLG is an international law firm built on the belief that the best way to serve clients is to be in tune with their world, aligned with their opportunity and ambitious for their success. Our 1,400+ legal professionals and support teams apply in-depth sector expertise to understand and support our clients’ businesses.
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Nov 4, 2024 | 
mondaq.com | Alana Scotchmer |Angelica Wilamowicz
The Retail Payment Activities Act (RPAA) becomes
effective on Nov. 1, 2024. This new legislation mandates that
payment service providers (PSPs) register with the Bank of Canada
by Nov. 15, 2024, a process that entails submitting detailed
information about business operations, risk management practices
and safeguarding measures for end-user funds.
In the overview below, we outline the steps involved in
registration, as well as what PSPs can expect during the
post-registration "transition" period.
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Oct 31, 2024 | 
gowlingwlg.com | Parna Sabet-Stephenson |Alana Scotchmer |Angelica Wilamowicz
ArticleWith the registration provisions of the Retail Payment Activities Act (RPAA) taking effect on November 1, 2024, there is growing interest in understanding what information will be shared publicly in respect of payment service providers that are subject to the Act. The Bank of Canada is expected to release several key lists, alongside information as further specified in the RPAA and summarized below.
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Oct 30, 2024 | 
gowlingwlg.com | Parna Sabet-Stephenson |Alana Scotchmer |Angelica Wilamowicz
ArticleWith the clock ticking down to the Nov. 15, 2024 deadline for payment service providers (PSPs) to register with the Bank of Canada, Canada’s financial services landscape is on the cusp of a major transformation. At the heart of this shift is the Retail Payments Activities Act (RPAA), a key pillar in Canada’s drive to modernize payments and create a more competitive, secure ecosystem.
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Oct 13, 2024 | 
mondaq.com | Alana Scotchmer |Parna Sabet-Stephenson |Angelica Wilamowicz
GW
Gowling WLG
More
Gowling WLG is an international law firm built on the belief that the best way to serve clients is to be in tune with their world, aligned with their opportunity and ambitious for their success. Our 1,400+ legal professionals and support teams apply in-depth sector expertise to understand and support our clients’ businesses.
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Sep 18, 2024 | 
mondaq.com | Alana Scotchmer |Wendy Wagner |Caitlin Schropp |Hunter Fox
Effective August 19, 2024, reporting entities under the
Proceeds of Crime (Money Laundering) and Terrorist Financing
Act ("PCMLTFA") must report transactions suspected
to be related to sanctions evasion to the Financial Transactions
and Reports Analysis Centre of Canada ("FINTRAC").
See FINTRAC's compliance guidance Report suspected sanctions evasion, applicable
to reporting entities.
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Aug 20, 2024 | 
lexology.com | Alana Scotchmer |Wendy Wagner |Caitlin Schropp |Hunter Fox
Effective August 19, 2024, reporting entities under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (“PCMLTFA”) must report transactions suspected to be related to sanctions evasion to the Financial Transactions and Reports Analysis Centre of Canada (“FINTRAC”). See FINTRAC’s compliance guidance Report suspected sanctions evasion, applicable to reporting entities.
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Jul 25, 2024 | 
mondaq.com | Alana Scotchmer
Climate change and extreme weather events, such as wildfires and
warmer temperatures, are significantly affecting risks in the
Canadian insurance industry. The increased frequency and severity
of these events recently has the potential to change how insurance
companies underwrite and cover losses relating to wildfires.
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Jul 23, 2024 | 
gowlingwlg.com | Alana Scotchmer
Climate change and extreme weather events, such as wildfires and warmer temperatures, are significantly affecting risks in the Canadian insurance industry. The increased frequency and severity of these events recently has the potential to change how insurance companies underwrite and cover losses relating to wildfires. In a recent interview with Canadian Lawyer, Alana Scotchmer, a partner in Gowling WLG’s Toronto office, highlighted the growing challenges for Canadian insurers and policyholders.
