{ "jurisdiction_id": "CA-ON", "jurisdiction": "Canada – Ontario", "url": "https://payments.gi/jurisdictions/canada-ontario/", "generator": "render_jid v13.3.0", "date_modified": "2026-08-11", "schema_version": "world-payments-v1", "counts": { "modules": 14, "sourced_findings": 78, "source_register": 112 }, "modules": [ { "code": "W1a", "name": "Licensing, Authorisation & Market Access", "confidence": "Confirmed", "moved_this_cycle": true, "url": "https://payments.gi/jurisdictions/canada-ontario/#w1a-licensing-authorisation-market-access", "standing_position": "Ontario's payment activity governed almost entirely at the federal level. RPAA (in force Nov 1, 2024) now sits alongside a rebuilt Consumer-Driven Banking Act and a new Stablecoin Act, both enacted via Bill C-15 (Royal Assent March 26, 2026). Ontario has no separate provincial PSP licensing regime.", "findings": [ { "finding": null, "instrument_type": "Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) / MSB Registration", "source": "https://fintrac-canafe.canada.ca/msb-esm/msb-eng", "source_url": "https://fintrac-canafe.canada.ca/msb-esm/msb-eng", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "Retail Payment Activities Act (RPAA), S.C. 2021, c. 23, s. 177", "source": "https://laws-lois.justice.gc.ca/eng/acts/R-7.36/page-1.html", "source_url": "https://www.bankofcanada.ca/core-functions/retail-payments-supervision/supervisory-framework-registration/", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "RPAA Registration Requirement", "source": "https://www.bankofcanada.ca/core-functions/retail-payments-supervision/supervisory-framework-registration/", "source_url": "https://www.bankofcanada.ca/core-functions/retail-payments-supervision/supervisory-framework-registration/", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "RPAA registration fee", "source": "https://www.osler.com/en/expertise/services/financial-services/financial-services-regulatory/retail-payment-activities-act/", "source_url": "https://www.bankofcanada.ca/core-functions/retail-payments-supervision/supervisory-framework-registration/", "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "RPAA supervisory practice", "source": "https://www.fasken.com/en/knowledge/2025/12/payments-regulatory-year-in-review-and-2026-outlook", "source_url": "https://www.bankofcanada.ca/core-functions/retail-payments-supervision/supervisory-framework-registration/", "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Provincial nesting note", "source": "https://www.rennoco.com/blog/fintrac-list-of-msb-in-canada", "source_url": "https://www.bankofcanada.ca/core-functions/retail-payments-supervision/supervisory-framework-registration/", "source_tier": "3", "retrieved_at": null } ] }, { "code": "W1b", "name": "Conduct, Safeguarding & Financial Promotions", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/canada-ontario/#w1b-conduct-safeguarding-financial-promotions", "standing_position": "PSPs holding end-user funds must maintain a Bank of Canada-approved safeguarding framework (in force since September 8, 2025) alongside an operational risk-management framework; the voluntary but FCAC-monitored Code of Conduct governs merchant-facing conduct; new Bank Act fraud-prevention conduct duties (Bill C-15) are being operationalised via 2026 Gazette pre-publication.", "findings": [ { "finding": null, "instrument_type": "RPAA Safeguarding of End-User Funds Guideline", "source": "https://www.bankofcanada.ca/core-functions/retail-payments-supervision/supervisory-framework-registration/", "source_url": "https://www.bankofcanada.ca/core-functions/retail-payments-supervision/supervisory-framework-registration/", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "Safeguarding Framework compliance guidance", "source": "https://mcmillan.ca/insights/publications/safeguarding-end-user-funds-under-the-retail-payment-activities-act/", "source_url": "https://www.canada.ca/en/department-finance/news/2026/06/government-pre-publishes-regulations-to-prevent-fraud-and-facilitate-the-next-phase-of-consumer-driven-banking.html", "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Code of Conduct for the Payment Card Industry in Canada", "source": "https://www.canada.ca/en/financial-consumer-agency/services/industry/laws-regulations/credit-debit-code-conduct.html", "source_url": "https://www.canada.ca/en/department-finance/news/2026/06/government-pre-publishes-regulations-to-prevent-fraud-and-facilitate-the-next-phase-of-consumer-driven-banking.html", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "Code of Conduct oversight", "source": "https://www.clearlypayments.com/blog/an-overview-of-the-payments-code-of-conduct-in-canada/", "source_url": "https://www.canada.ca/en/department-finance/news/2026/06/government-pre-publishes-regulations-to-prevent-fraud-and-facilitate-the-next-phase-of-consumer-driven-banking.html", "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Bank Act fraud-prevention amendments (Bill C-15) / draft regulations", "source": "https://www.canada.ca/en/department-finance/news/2026/06/government-pre-publishes-regulations-to-prevent-fraud-and-facilitate-the-next-phase-of-consumer-driven-banking.html", "source_url": "https://www.canada.ca/en/department-finance/news/2026/06/government-pre-publishes-regulations-to-prevent-fraud-and-facilitate-the-next-phase-of-consumer-driven-banking.html", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "Payment Card Networks Act", "source": "https://legalblogs.wolterskluwer.com/competition-blog/credit-cards-in-canada-what-role-for-competition-law/", "source_url": "https://www.canada.ca/en/department-finance/news/2026/06/government-pre-publishes-regulations-to-prevent-fraud-and-facilitate-the-next-phase-of-consumer-driven-banking.html", "source_tier": "3", "retrieved_at": null } ] }, { "code": "W2", "name": "Stablecoins & Digital Money", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/canada-ontario/#w2-stablecoins-digital-money", "standing_position": "Canada enacted its first purpose-built stablecoin framework (the Stablecoin Act, via Bill C-15) on Royal Assent March 26, 2026, designating the Bank of Canada as supervisor of non-financial-institution fiat-backed stablecoin issuers, with mandatory registration, 1:1 reserve/redemption requirements and AML obligations layered on top of existing FINTRAC MSB status. Full force expected 2027; retail CBDC plans shelved September 2024.", "findings": [ { "finding": null, "instrument_type": "Stablecoin Act (federal)", "source": "https://www.canada.ca/en/department-finance/programs/financial-sector-policy/canadas-stablecoin-framework.html", "source_url": "https://www.canada.ca/en/department-finance/programs/financial-sector-policy/canadas-stablecoin-framework.html", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "Bill C-15 / Budget Implementation Act 2025", "source": "https://www.fasken.com/en/knowledge/2026/03/budget-2025-the-bank-of-canadas-mandate-expands-to-stablecoin-and-open-banking-supervision", "source_url": "https://coinlaw.io/canada-stablecoin-rules-2026-transparency-trust/", "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Stablecoin Act supervisory powers", "source": "https://www.lexology.com/library/detail.aspx?g=a5ff681d-f34a-46d2-b36b-513361be5a63", "source_url": "https://coinlaw.io/canada-stablecoin-rules-2026-transparency-trust/", "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Pre-Act stablecoin treatment", "source": "https://www.cigionline.org/articles/real-time-rail-and-the-future-of-digital-payments-in-canada/", "source_url": "https://coinlaw.io/canada-stablecoin-rules-2026-transparency-trust/", "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "CARF / crypto tax reporting", "source": "https://canada-msb.com/crypto-regulation-canada-2026/", "source_url": "https://coinlaw.io/canada-stablecoin-rules-2026-transparency-trust/", "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "CBDC posture", "source": "https://coinlaw.io/canada-stablecoin-rules-2026-transparency-trust/", "source_url": "https://coinlaw.io/canada-stablecoin-rules-2026-transparency-trust/", "source_tier": "3", "retrieved_at": null } ] }, { "code": "W3", "name": "Operational Resilience & Critical Infrastructure", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/canada-ontario/#w3-operational-resilience-critical-infrastructure", "standing_position": "The RPAA's operational risk-management framework (in force since September 8, 2025) requires PSPs to manage risks that could reduce, deteriorate or break down retail payment activities; OSFI's 2025-26 Annual Risk Outlook flags state-actor threats; the incoming Real-Time Rail is being built with fraud controls embedded from day one.", "findings": [ { "finding": null, "instrument_type": "RPAA operational risk management framework", "source": "https://www.bankofcanada.ca/core-functions/retail-payments-supervision/supervisory-framework-registration/", "source_url": "https://www.bankofcanada.ca/core-functions/retail-payments-supervision/supervisory-framework-registration/", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "RPAA definitions (incident, operational risk)", "source": "https://laws-lois.justice.gc.ca/eng/acts/R-7.36/page-1.html", "source_url": "https://gazette.gc.ca/rp-pr/p1/2026/2026-06-27/html/reg3-eng.html", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "OSFI 2025-2026 Annual Risk Outlook", "source": "https://gazette.gc.ca/rp-pr/p1/2026/2026-06-27/html/reg3-eng.html", "source_url": "https://gazette.gc.ca/rp-pr/p1/2026/2026-06-27/html/reg3-eng.html", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "Real-Time Rail resilience design", "source": "https://www.redcompasslabs.com/insights/canada-instant-payments-era-real-time-rails/", "source_url": "https://gazette.gc.ca/rp-pr/p1/2026/2026-06-27/html/reg3-eng.html", "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "RPAA compliance obligations", "source": "https://mcmillan.ca/insights/publications/safeguarding-end-user-funds-under-the-retail-payment-activities-act/", "source_url": "https://gazette.gc.ca/rp-pr/p1/2026/2026-06-27/html/reg3-eng.html", "source_tier": "3", "retrieved_at": null } ] }, { "code": "W4", "name": "Scheme & Network Compliance", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/canada-ontario/#w4-scheme-network-compliance", "standing_position": "Card-scheme compliance in Canada runs through the voluntary, FCAC-monitored Code of Conduct for the Payment Card Industry; Visa/Mastercard committed in 2014 to reduce interchange near 1.5%. The Competition Bureau separately pursued antitrust action against Visa/Mastercard over merchant application rules.", "findings": [ { "finding": null, "instrument_type": "Code of Conduct for the Payment Card Industry in Canada", "source": "https://www.canada.ca/en/financial-consumer-agency/services/industry/laws-regulations/credit-debit-code-conduct.html", "source_url": "https://www.canada.ca/en/financial-consumer-agency/services/industry/laws-regulations/credit-debit-code-conduct.html", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "2015 Code of Conduct update", "source": "https://www.mccarthy.ca/en/insights/publications/updated-code-of-conduct-for-the-credit-and-debit-card-industry-in-canada", "source_url": "https://legalblogs.wolterskluwer.com/competition-blog/credit-cards-in-canada-what-role-for-competition-law/", "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Competition Bureau v. Visa/Mastercard", "source": "https://legalblogs.wolterskluwer.com/competition-blog/credit-cards-in-canada-what-role-for-competition-law/", "source_url": "https://legalblogs.wolterskluwer.com/competition-blog/credit-cards-in-canada-what-role-for-competition-law/", "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Interchange-plus pricing practice", "source": "https://www.merchant-accounts.ca/canadian-code-of-conduct-for-credit-card-processing.php", "source_url": "https://legalblogs.wolterskluwer.com/competition-blog/credit-cards-in-canada-what-role-for-competition-law/", "source_tier": "4", "retrieved_at": null }, { "finding": null, "instrument_type": "Canadian Payments Act amendments / scheme access", "source": "https://www.payments.ca/systems-services/payment-systems/real-time-rail-payment-system/about-real-time-rail", "source_url": "https://legalblogs.wolterskluwer.com/competition-blog/credit-cards-in-canada-what-role-for-competition-law/", "source_tier": "2", "retrieved_at": null } ] }, { "code": "W5", "name": "Payment Corridor Dynamics", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/canada-ontario/#w5-payment-corridor-dynamics", "standing_position": "Canada is modernising its domestic rails via the Real-Time Rail (RTR), targeted for Q3 2026 (industry observers expect slippage), which will underpin Interac e-Transfer and open-banking payment initiation; SWIFT's ISO 20022 migration completed November 2025.", "findings": [ { "finding": null, "instrument_type": "Real-Time Rail (RTR)", "source": "https://www.cigionline.org/articles/real-time-rail-and-the-future-of-digital-payments-in-canada/", "source_url": "https://www.cigionline.org/articles/real-time-rail-and-the-future-of-digital-payments-in-canada/", "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Interac e-Transfer / RTR integration", "source": "https://www.lightspark.com/knowledge/real-time-payments-canada", "source_url": "https://www.electronicpaymentsinternational.com/features/canada-finally-to-get-real-time-payments-open-banking/", "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "ISO 20022 migration", "source": "https://www.electronicpaymentsinternational.com/features/canada-finally-to-get-real-time-payments-open-banking/", "source_url": "https://www.electronicpaymentsinternational.com/features/canada-finally-to-get-real-time-payments-open-banking/", "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Core payment systems (Lynx, ACSS, RTR)", "source": "https://www.redcompasslabs.com/insights/canada-instant-payments-era-real-time-rails/", "source_url": "https://www.electronicpaymentsinternational.com/features/canada-finally-to-get-real-time-payments-open-banking/", "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "RTR comparative positioning", "source": "https://thelogic.co/news/explainer/real-time-rail-instant-payment-canada/", "source_url": "https://www.electronicpaymentsinternational.com/features/canada-finally-to-get-real-time-payments-open-banking/", "source_tier": "3", "retrieved_at": null } ] }, { "code": "W6", "name": "Industry Structure & Commercial Dynamics", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/canada-ontario/#w6-industry-structure-commercial-dynamics", "standing_position": "Canadian banking and payments remain highly concentrated (Big Six ~93% of banking assets); structural change is underway as banks retreat from direct payments-infrastructure ownership (TD/Fiserv; RBC/BMO advanced-stage Moneris sale to Francisco Partners).", "findings": [ { "finding": null, "instrument_type": "Banking concentration", "source": "https://www.openbankingtracker.com/glossary/rtr-canada", "source_url": "https://www.openbankingtracker.com/glossary/rtr-canada", "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Acquiring market structure", "source": "https://pmc.ncbi.nlm.nih.gov/articles/PMC8012745/", "source_url": "https://finance.yahoo.com/markets/stocks/articles/francisco-partners-discussions-buy-payments-100705693.html", "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "Bank divestiture from acquiring", "source": "https://finance.yahoo.com/markets/stocks/articles/francisco-partners-discussions-buy-payments-100705693.html", "source_url": "https://finance.yahoo.com/markets/stocks/articles/francisco-partners-discussions-buy-payments-100705693.html", "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Moneris market position", "source": "https://www.clearlypayments.com/blog/is-moneris-a-good-payment-processor-for-canadian-businesses/", "source_url": "https://finance.yahoo.com/markets/stocks/articles/francisco-partners-discussions-buy-payments-100705693.html", "source_tier": "4", "retrieved_at": null }, { "finding": null, "instrument_type": "OSFI D-SIB/SMSB proportionality", "source": "https://www.globallegalinsights.com/practice-areas/banking-and-finance-laws-and-regulations/canada/", "source_url": "https://finance.yahoo.com/markets/stocks/articles/francisco-partners-discussions-buy-payments-100705693.html", "source_tier": "3", "retrieved_at": null } ] }, { "code": "W7", "name": "Legal & Litigation", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/canada-ontario/#w7-legal-litigation", "standing_position": "Ontario payments-adjacent litigation and enforcement activity spans FINTRAC AMPs against Ontario-based reporting entities, the $500-million Loblaw/Weston bread price-fixing settlement's Interac-based fraud-screening flashpoint, and major cross-border AML enforcement against TD Bank.", "findings": [ { "finding": null, "instrument_type": "FINTRAC administrative monetary penalty", "source": "https://fintrac-canafe.canada.ca/new-neuf/nr/2026-05-05-eng", "source_url": "https://fintrac-canafe.canada.ca/new-neuf/nr/2026-05-05-eng", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "FINTRAC administrative monetary penalty", "source": "https://fintrac-canafe.canada.ca/new-neuf/nr/2026-02-05-1-eng", "source_url": "https://fintrac-canafe.canada.ca/new-neuf/nr/2026-02-10-eng", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "FINTRAC administrative monetary penalty", "source": "https://fintrac-canafe.canada.ca/new-neuf/nr/2026-02-10-eng", "source_url": "https://www.remitbee.com/blog/money-transfer/bank-account/canadian-bank-account-closures-reasons-and-what-to-do-about-it", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "Ontario class-action settlement distribution / fraud", "source": "https://www.theglobeandmail.com/business/article-bread-price-fixing-settlement-possible-fraud-payments-class-action/", "source_url": "https://www.remitbee.com/blog/money-transfer/bank-account/canadian-bank-account-closures-reasons-and-what-to-do-about-it", "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Cross-border AML enforcement (TD Bank)", "source": "https://www.remitbee.com/blog/money-transfer/bank-account/canadian-bank-account-closures-reasons-and-what-to-do-about-it", "source_url": "https://www.remitbee.com/blog/money-transfer/bank-account/canadian-bank-account-closures-reasons-and-what-to-do-about-it", "source_tier": "3", "retrieved_at": null } ] }, { "code": "W8", "name": "Merchant Acquiring & Risk", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/canada-ontario/#w8-merchant-acquiring-risk", "standing_position": "Merchant acquiring is concentrated among Moneris (~38% share, subject to a possible sale to Francisco Partners), Global Payments and Chase Paymentech, operating under the Code of Conduct; consolidation continues via smaller tuck-ins (Payroc/SterlingCard, Paynt/E-xact).", "findings": [ { "finding": null, "instrument_type": "Acquiring market share", "source": "https://www.clearlypayments.com/blog/is-moneris-a-good-payment-processor-for-canadian-businesses/", "source_url": "https://www.clearlypayments.com/blog/is-moneris-a-good-payment-processor-for-canadian-businesses/", "source_tier": "4", "retrieved_at": null }, { "finding": null, "instrument_type": "Merchant acquiring concentration risk", "source": "https://news.codegotech.com/francisco-partners-moneris-acquisition-2026/", "source_url": "https://www.privsource.com/acquisitions/payments-fintech/canada", "source_tier": "4", "retrieved_at": null }, { "finding": null, "instrument_type": "Merchant dispute-resolution / contract termination", "source": "https://www.canada.ca/en/financial-consumer-agency/services/industry/laws-regulations/credit-debit-code-conduct.html", "source_url": "https://www.privsource.com/acquisitions/payments-fintech/canada", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "Acquiring consolidation (SME-focused)", "source": "https://www.privsource.com/acquisitions/payments-fintech/canada", "source_url": "https://www.privsource.com/acquisitions/payments-fintech/canada", "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Bank exit from merchant acquiring", "source": "https://www.pymnts.com/acquisitions/2026/verifone-owner-in-talks-to-buy-payments-firm-moneris/", "source_url": "https://www.privsource.com/acquisitions/payments-fintech/canada", "source_tier": "3", "retrieved_at": null } ] }, { "code": "W9", "name": "Product Innovation & Market Development", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/canada-ontario/#w9-product-innovation-market-development", "standing_position": "Canada's two flagship 2026 product/infrastructure initiatives are the Real-Time Rail (targeted Q3 2026) and Consumer-Driven Banking (Phase 1 read-access early 2026, at risk of delay; Phase 2 write-access mid-2027); a PIPEDA amendment introduces a broader cross-sectoral data-mobility right.", "findings": [ { "finding": null, "instrument_type": "Consumer-Driven Banking Act (CDBA)", "source": "https://www.dlapiper.com/en-us/insights/publications/2026/04/the-new-consumer-driven-banking-act-explained", "source_url": "https://www.openbankingtracker.com/regulation/canada-open-banking", "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Open banking phased rollout", "source": "https://www.openbankingtracker.com/regulation/canada-open-banking", "source_url": "https://www.fasken.com/en/knowledge/2026/03/budget-2025-the-bank-of-canadas-mandate-expands-to-stablecoin-and-open-banking-supervision", "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "RTR industry testing", "source": "https://www.electronicpaymentsinternational.com/features/canada-finally-to-get-real-time-payments-open-banking/", "source_url": "https://www.fasken.com/en/knowledge/2026/03/budget-2025-the-bank-of-canadas-mandate-expands-to-stablecoin-and-open-banking-supervision", "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "PIPEDA data-mobility amendment", "source": "https://www.fasken.com/en/knowledge/2026/03/budget-2025-the-bank-of-canadas-mandate-expands-to-stablecoin-and-open-banking-supervision", "source_url": "https://www.fasken.com/en/knowledge/2026/03/budget-2025-the-bank-of-canadas-mandate-expands-to-stablecoin-and-open-banking-supervision", "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Stablecoin-on-card-rail product innovation", "source": "https://www.cigionline.org/articles/real-time-rail-and-the-future-of-digital-payments-in-canada/", "source_url": "https://www.fasken.com/en/knowledge/2026/03/budget-2025-the-bank-of-canadas-mandate-expands-to-stablecoin-and-open-banking-supervision", "source_tier": "3", "retrieved_at": null } ] }, { "code": "W10", "name": "Consumer Protection & APP Fraud", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/canada-ontario/#w10-consumer-protection-app-fraud", "standing_position": "Consumer payments-fraud protection runs through internal bank complaint processes escalating to OBSI (sole external complaints body since Nov 2024); fraud is the largest single driver of banking complaints; new Bank Act amendments impose fraud-detection duties alongside a $10 NSF fee cap effective March 12, 2026.", "findings": [ { "finding": null, "instrument_type": "Single External Complaints Body (OBSI)", "source": "https://www.canada.ca/en/financial-consumer-agency/news/2024/10/canadians-now-have-a-single-external-complaints-body-for-banking.html", "source_url": "https://www.canada.ca/en/financial-consumer-agency/news/2024/10/canadians-now-have-a-single-external-complaints-body-for-banking.html", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "OBSI 2025 Annual Report", "source": "https://money.ca/news/obsi-banks-withdrawing-fraud-settlement-offers-escalation-rights", "source_url": "https://www.fasken.com/en/knowledge/2025/12/payments-regulatory-year-in-review-and-2026-outlook", "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "APP fraud reimbursement practice", "source": "https://hillnotes.ca/2025/10/21/online-banking-fraud-protecting-consumers-from-unauthorized-transactions/", "source_url": "https://www.fasken.com/en/knowledge/2025/12/payments-regulatory-year-in-review-and-2026-outlook", "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "National Anti-Fraud Strategy", "source": "https://www.canada.ca/en/department-finance/news/2026/06/government-pre-publishes-regulations-to-prevent-fraud-and-facilitate-the-next-phase-of-consumer-driven-banking.html", "source_url": "https://www.fasken.com/en/knowledge/2025/12/payments-regulatory-year-in-review-and-2026-outlook", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "NSF fee cap regulation", "source": "https://www.fasken.com/en/knowledge/2025/12/payments-regulatory-year-in-review-and-2026-outlook", "source_url": "https://www.fasken.com/en/knowledge/2025/12/payments-regulatory-year-in-review-and-2026-outlook", "source_tier": "3", "retrieved_at": null } ] }, { "code": "W11", "name": "AML/CFT & Financial Crime", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/canada-ontario/#w11-aml-cft-financial-crime", "standing_position": "sentinel: FINTRAC remains Canada's AML/CFT supervisor for MSBs, PSPs and reporting entities, with enforcement intensity rising in 2026 (record 23 NOVs, $25M+ penalties). Bill C-12 raised maximum AML penalties to $20 million per violation; CARF crypto tax-reporting went live January 1, 2026.", "findings": [ { "finding": null, "instrument_type": "sentinel.carf_implementation", "source": "https://canada-msb.com/crypto-regulation-canada-2026/", "source_url": "https://canada-msb.com/crypto-regulation-canada-2026/", "source_tier": "3", "retrieved_at": null }, { "finding": "Ontario sits inside Canada's federal AML/CFT/CPF perimeter (Proceeds of Crime (Money Laundering) and Terrorist Financing Act, FINTRAC as FIU/supervisor, CBCA beneficial-ownership registry for federally incorporated firms) overlaid by provincial securities regulation (Ontario Securities Commission) and a non-participating provincial corporate registry that has not joined the federal BO-transparency push, leaving Ontario-incorporated entities comparatively opaque.", "instrument_type": "assessment", "source": "FIM (sentinel.gi) per-JID baseline profile — Canada — Ontario", "source_url": null, "source_tier": null, "retrieved_at": null }, { "finding": "Gap: sourcing-thinness", "instrument_type": "gap", "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-005)", "source_url": null, "source_tier": null, "retrieved_at": null }, { "finding": "Sanctions: EU listing", "instrument_type": "sanctions_change", "source": "FIM (sentinel.gi) sanctions_change_register (issue FIM-BASE-SANC-002)", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": "Enforcement: Ontario Securities Commission / Ontario Provincial Police — Crypto-enabled fraud networks (approval-phishing, Ethereum-based scams)", "instrument_type": "enforcement_action", "source": "FIM (sentinel.gi) enforcement_action_register (issue FIM-BASE-ENF-003)", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": "Enforcement: FINTRAC — Unregistered Toronto-area crypto money-services businesses", "instrument_type": "enforcement_action", "source": "FIM (sentinel.gi) enforcement_action_register (issue FIM-BASE-ENF-002)", "source_url": null, "source_tier": "2", "retrieved_at": null }, { "finding": "Sanctions: OFAC delisting", "instrument_type": "sanctions_change", "source": "FIM (sentinel.gi) sanctions_change_register (issue FIM-BASE-SANC-003)", "source_url": "https://canada-msb.com/crypto-regulation-canada-2026/", "source_tier": "1", "retrieved_at": null }, { "finding": "Gap: regulatory-failure", "instrument_type": "gap", "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-003)", "source_url": null, "source_tier": null, "retrieved_at": null }, { "finding": "Gap: capacity-deficit", "instrument_type": "gap", "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-002)", "source_url": null, "source_tier": null, "retrieved_at": null }, { "finding": "Gap: legal-gap", "instrument_type": "gap", "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-001)", "source_url": null, "source_tier": null, "retrieved_at": null } ] }, { "code": "W12", "name": "Correspondent Banking, Settlement & Access", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/canada-ontario/#w12-correspondent-banking-settlement-access", "standing_position": "Correspondent-banking and payments-account access pressure in Canada is shaped by de-risking dynamics, accelerated by TD Bank's ~US$3.04bn 2025 settlement; PSPs seeking RPAA-compliant safeguarding accounts report continued difficulty obtaining direct bank-held segregated accounts.", "findings": [ { "finding": null, "instrument_type": "FATF de-risking guidance", "source": "https://www.fatf-gafi.org/en/publications/Fatfrecommendations/Correspondent-banking-services.html", "source_url": "https://www.fatf-gafi.org/en/publications/Fatfrecommendations/Correspondent-banking-services.html", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "De-risking / account closure practice", "source": "https://www.remitbee.com/blog/money-transfer/bank-account/canadian-bank-account-closures-reasons-and-what-to-do-about-it", "source_url": "https://www.rennoco.com/solutions/fintech-practice/retail-payment-activities-act-rpaa-canada", "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "PSP settlement-account access friction", "source": "https://www.rennoco.com/solutions/fintech-practice/retail-payment-activities-act-rpaa-canada", "source_url": "https://www.rennoco.com/solutions/fintech-practice/retail-payment-activities-act-rpaa-canada", "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "MSB settlement/correspondent access", "source": "https://coredo.eu/canada/", "source_url": "https://www.rennoco.com/solutions/fintech-practice/retail-payment-activities-act-rpaa-canada", "source_tier": "4", "retrieved_at": null } ] }, { "code": "W13", "name": "Commercial Intelligence & Fintech", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/canada-ontario/#w13-commercial-intelligence-fintech", "standing_position": "The trailing-12-month CA-ON commercial intelligence window is dominated by continued bank exit from payments infrastructure and cross-border scale-up: Nuvei's pending $2.75bn acquisition of Payoneer and RBC/BMO's advanced-stage ~$2bn sale of Moneris to Francisco Partners, plus several smaller acquiring tuck-ins and a crypto-platform market entry.", "findings": [ { "finding": null, "instrument_type": "commercial_event", "source": "https://www.fintechfutures.com/m-a/nuvei-buys-payoneer-for-2-75bn", "source_url": "https://www.fintechfutures.com/m-a/nuvei-buys-payoneer-for-2-75bn", "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "commercial_event", "source": "https://finance.yahoo.com/markets/stocks/articles/francisco-partners-discussions-buy-payments-100705693.html", "source_url": "https://finance.yahoo.com/markets/stocks/articles/francisco-partners-discussions-buy-payments-100705693.html", "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "commercial_event", "source": "https://www.privsource.com/acquisitions/payments-fintech/canada", "source_url": "https://www.privsource.com/acquisitions/payments-fintech/canada", "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "commercial_event", "source": "https://www.privsource.com/acquisitions/payments-fintech/canada", "source_url": "https://www.privsource.com/acquisitions/payments-fintech/canada", "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "commercial_event", "source": "https://www.privsource.com/acquisitions/payments-fintech/canada", "source_url": "https://www.privsource.com/acquisitions/payments-fintech/canada", "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "commercial_event", "source": "https://www.americanbanker.com/payments/news/nuvei-agrees-to-acquire-payoneer-for-2-75-billion", "source_url": "https://www.privsource.com/acquisitions/payments-fintech/canada", "source_tier": "3", "retrieved_at": null } ] } ] }