{
 "jurisdiction_id": "CA-QC",
 "jurisdiction": "Canada – Quebec",
 "url": "https://payments.gi/jurisdictions/canada-quebec/",
 "generator": "render_jid v13.3.0",
 "date_modified": "2026-08-11",
 "schema_version": "world-payments-v1",
 "counts": {
  "modules": 14,
  "sourced_findings": 76,
  "source_register": 133
 },
 "modules": [
  {
   "code": "W1a",
   "name": "Licensing, Authorisation & Market Access",
   "confidence": "Confirmed",
   "moved_this_cycle": true,
   "url": "https://payments.gi/jurisdictions/canada-quebec/#w1a-licensing-authorisation-market-access",
   "standing_position": "Quebec payments licensing operates on two co-existing tracks: the federal Retail Payment Activities Act (RPAA) registration regime for PSPs administered by the Bank of Canada, and the province's own Money-Services Businesses Act (MSBA) licensing regime - administered by Revenu Québec since 2021 (previously the Autorité des marchés financiers) - which remains wholly separate from federal MSB registration with FINTRAC.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "Provincial statute (Money-Services Businesses Act, CQLR c. E-12.000001) + AMF guidance",
     "source": "https://www.legisquebec.gouv.qc.ca/en/document/cs/E-12.000001 ; https://lautorite.qc.ca/fileadmin/lautorite/indexation/2020/esm_guide-accompagnement_an.pdf",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Provincial licensing regime",
     "source": "https://www.outliercanada.com/tag/msb-license/",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Regulation under the MSBA + Fees Regulation + AMF Policy Statement",
     "source": "https://www.lexology.com/library/detail.aspx?g=9d4396c4-0b65-43d5-8c7a-9749355901ce",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Federal statute (Retail Payment Activities Act) + Bank of Canada supervisory policy",
     "source": "https://www.bankofcanada.ca/core-functions/retail-payments-supervision/supervisory-framework-registration/",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "RPAA registration process",
     "source": "https://www.osler.com/en/expertise/services/financial-services/financial-services-regulatory/retail-payment-activities-act/",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "RPAA transition/enforcement",
     "source": "https://www.bankofcanada.ca/2026/01/frequently-asked-questions-about-retail-payments-supervision/",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W1b",
   "name": "Conduct, Safeguarding & Financial Promotions",
   "confidence": "Confirmed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/canada-quebec/#w1b-conduct-safeguarding-financial-promotions",
   "standing_position": "Safeguarding of end-user funds under the RPAA became a binding obligation as of September 8, 2025, per the Bank of Canada's final safeguarding guideline; conduct/consumer-facing protections in Quebec run in parallel through the Consumer Protection Act (Bill 72, 2024) and the payment card industry Code of Conduct.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "Bank of Canada supervisory guideline (Safeguarding end-user funds, Final, Dec 12 2024)",
     "source": "https://www.osler.com/en/expertise/services/financial-services/financial-services-regulatory/retail-payment-activities-act/",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "RPAA/RPAR safeguarding obligation",
     "source": "https://www.bankofcanada.ca/core-functions/retail-payments-supervision/supervisory-framework-registration/",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Provincial statute amendment (Bill 72, Quebec Consumer Protection Act)",
     "source": "https://www.osler.com/en/insights/updates/navigating-changes-quebec-bill-72-amending-consumer-protection-act/",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "QCPA fraud-liability provisions",
     "source": "https://www.lexology.com/library/detail.aspx?g=4558ab7e-fe3b-460d-9cc7-040823652ac7",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Code of Conduct for the Payment Card Industry in Canada (revised 2024)",
     "source": "https://www.canada.ca/en/department-finance/news/2024/10/government-reduces-credit-card-fees-by-27-per-cent-for-small-business-owners.html",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "RPAA annual reporting - safeguarding disclosure",
     "source": "https://www.blakes.com/insights/bank-of-canada-outlines-annual-reporting-requirements-for-registered-psps-under-the-retail-payment-a/",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W2",
   "name": "Stablecoins & Digital Money",
   "confidence": "High",
   "moved_this_cycle": true,
   "url": "https://payments.gi/jurisdictions/canada-quebec/#w2-stablecoins-digital-money",
   "standing_position": "Canada's first purpose-built stablecoin framework (the Stablecoin Act) received Royal Assent via Bill C-15 on March 26, 2026, designating the Bank of Canada as regulator of non-financial-institution fiat-backed stablecoin issuers; full implementation is expected around 2027 following regulatory development.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "Stablecoin Act (federal, via 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": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Federal stablecoin framework (Department of Finance / Bank of Canada)",
     "source": "https://www.canada.ca/en/department-finance/programs/financial-sector-policy/canadas-stablecoin-framework.html",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Stablecoin Act - registration/reserve requirements",
     "source": "https://stikeman.com/en-ca/kh/canadian-securities-law/newly-minted-canadas-proposed-federal-stablecoin-act",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Policy commentary on Stablecoin Act",
     "source": "https://cdhowe.org/publication/the-window-is-closing-how-canada-can-shape-the-future-of-stablecoins-and-digital-payments/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Stablecoin Act - RPAA consequential amendment",
     "source": "https://web3canada.ca/understanding-the-stablecoin-act-a-step-toward-regulatory-clarity-in-canada/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Market context",
     "source": "https://www.ainvest.com/news/bank-canada-stablecoin-regulation-delays-threaten-economic-isolation-2509/",
     "source_url": null,
     "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-quebec/#w3-operational-resilience-critical-infrastructure",
   "standing_position": "The Bank of Canada's RPAA-based Operational Risk and Incident Response supervisory guideline governs PSP operational resilience, with a binding 48-hour material-incident notification rule and mandatory third-party risk management, in force alongside registration since September 8, 2025.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "Bank of Canada supervisory guideline (Operational risk and incident response)",
     "source": "https://www.bankofcanada.ca/wp-content/uploads/2024/02/operational-risk-and-incident-response.pdf",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Bank of Canada supervisory guideline (Incident notification)",
     "source": "https://www.bankofcanada.ca/wp-content/uploads/2024/02/Incident-notification.pdf",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "RPAA incident-reporting timeline",
     "source": "https://www.bankofcanada.ca/2026/06/reminder-psp-reporting-obligations-under-rpaa/",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "RPAA operational-risk expectations",
     "source": "https://complynorth.com/rpaa-incident-reporting-explained-when-and-how-to-notify-the-bank-of-canada/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "RPAA annual reporting deadlines",
     "source": "https://www.blakes.com/insights/bank-of-canada-outlines-annual-reporting-requirements-for-registered-psps-under-the-retail-payment-a/",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W4",
   "name": "Scheme & Network Compliance",
   "confidence": "High",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/canada-quebec/#w4-scheme-network-compliance",
   "standing_position": "Card-scheme compliance in Canada is shaped by the federally-negotiated Visa/Mastercard interchange-reduction agreements (effective October 2024) and the revised Code of Conduct for the Payment Card Industry, while Interac has amended its e-Transfer network rules to admit RPAA-registered and FINTRAC-registered PSPs.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "Federally-negotiated Visa/Mastercard interchange agreements",
     "source": "https://www.canada.ca/en/innovation-science-economic-development/news/2023/12/government-of-canada-announces-finalized-agreements-with-visa-and-mastercard-to-lower-credit-card-transaction-fees-for-small-businesses.html",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Interchange rate reduction",
     "source": "https://www.cbc.ca/news/business/visa-mastercard-fees-1.6848082",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Code of Conduct for the Payment Card Industry (revised 2024)",
     "source": "https://www.canada.ca/en/department-finance/news/2024/10/government-reduces-credit-card-fees-by-27-per-cent-for-small-business-owners.html",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Interac e-Transfer network rule amendment",
     "source": "https://www.electronicpaymentsinternational.com/features/canada-finally-to-get-real-time-payments-open-banking/",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Interac pricing model change for PSPs",
     "source": "https://betakit.com/canadas-fintech-industry-enters-new-era-as-bank-of-canada-taps-first-payment-service-providers/",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W5",
   "name": "Payment Corridor Dynamics",
   "confidence": "High",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/canada-quebec/#w5-payment-corridor-dynamics",
   "standing_position": "Canada's domestic payments plumbing centres on Payments Canada's three core systems - Lynx (large-value), ACSS (batch), and the incoming Real-Time Rail (RTR) - with Interac e-Transfer serving as the dominant near-real-time consumer corridor pending RTR migration expected late 2026/early 2027.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "Core national payment systems (Lynx, ACSS, RTR)",
     "source": "https://www.redcompasslabs.com/insights/canada-instant-payments-era-real-time-rails/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Real-Time Rail (RTR) infrastructure",
     "source": "https://www.electronicpaymentsinternational.com/features/canada-finally-to-get-real-time-payments-open-banking/",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "RTR/e-Transfer corridor comparison",
     "source": "https://thelogic.co/news/explainer/real-time-rail-instant-payment-canada/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "RTR vs Interac e-Transfer functional distinction",
     "source": "https://dc-payments.ca/resource-hub/the-future-of-payments-in-canada-inside-the-launch-of-the-real-time-rail",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "RTR exchange solution provider selection",
     "source": "https://www.payments.ca/payments-canada-selects-interac-corp-exchange-solution-provider-canadas-new-real-time-payments",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W6",
   "name": "Industry Structure & Commercial Dynamics",
   "confidence": "High",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/canada-quebec/#w6-industry-structure-commercial-dynamics",
   "standing_position": "Quebec's payments industry is anchored by Desjardins, the province's dominant cooperative financial group and largest Payments Canada member type outside the chartered banks, alongside Montreal-headquartered global payments player Nuvei; provincial fintech investment (Desjardins/La Caisse fund) supplements a bank-led market structure now being opened to fintech competitors via RPAA registration.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "Desjardins Group cooperative structure",
     "source": "https://www.desjardins.com/ca/about-us/desjardins/governance-democracy/structure/index.jsp",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Desjardins market position",
     "source": "https://www.electronicpaymentsinternational.com/features/canadas-desjardins-standardises-payments-open-acceptance-platform/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Fintech market map",
     "source": "https://www.neobanc.com/articles/canadian-fintech",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Provincial fintech investment vehicle",
     "source": "https://www.fintechfutures.com/ai-in-fintech/la-caisse-and-desjardins-group-launch-fintech-and-ai-in-finance-fund",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Market structure shift - fintech access to rails",
     "source": "https://betakit.com/canadas-fintech-industry-enters-new-era-as-bank-of-canada-taps-first-payment-service-providers/",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W7",
   "name": "Legal & Litigation",
   "confidence": "High",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/canada-quebec/#w7-legal-litigation",
   "standing_position": "Quebec-linked payments litigation centres on the Desjardins 2019 data breach class action settlement (Quebec Superior Court) and the Visa/Mastercard interchange-fee class action settlement that enabled merchant surcharging nationally; FINTRAC enforcement actions against Quebec-based reporting entities also constitute a live litigation/enforcement vector.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "Class action settlement (Quebec Superior Court)",
     "source": "https://desjardinssettlement.com/",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Ongoing settlement distribution",
     "source": "https://desjardinssettlement.com/",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Interchange fee class action settlement",
     "source": "https://www.cbc.ca/news/business/visa-mastercard-fees-1.6848082",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "FINTRAC enforcement action against Montreal MSB",
     "source": "https://www.mlex.com/mlex/amp/articles/2438541",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "FINTRAC enforcement action - Quebec entity",
     "source": "https://fintrac-canafe.canada.ca/new-neuf/nr/2025-11-20-1-eng",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W8",
   "name": "Merchant Acquiring & Risk",
   "confidence": "High",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/canada-quebec/#w8-merchant-acquiring-risk",
   "standing_position": "Merchant acquiring in Canada is undergoing structural change as Nuvei (headquartered in Montreal) moves to direct local acquiring, while federally-mandated interchange reductions and a revised Code of Conduct reshape merchant cost and dispute-handling norms; chargeback mechanics remain governed by scheme rules under the Code of Conduct framework.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "Direct acquiring launch",
     "source": "https://fintech.global/2025/06/30/nuvei-launches-direct-acquiring-in-canada/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Merchant acquiring / embedded payments",
     "source": "https://www.nuvei.com/posts/nuvei-becomes-direct-local-acquirer-in-canada",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Merchant chargeback/dispute mechanics",
     "source": "https://www.cfib-fcei.ca/credit-cards",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Code of Conduct - merchant complaint handling",
     "source": "https://www.canada.ca/en/department-finance/news/2024/10/government-reduces-credit-card-fees-by-27-per-cent-for-small-business-owners.html",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Merchant fee/acquiring market commentary",
     "source": "https://www.americanbanker.com/payments/news/canadas-interchange-cuts-steer-visa-mastercard-beyond-card-payments",
     "source_url": null,
     "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-quebec/#w9-product-innovation-market-development",
   "standing_position": "Canada's payments innovation pipeline is dominated by three concurrent federal initiatives: the Real-Time Rail, the Consumer-Driven Banking (open banking) framework, and the Stablecoin Act, all advancing through 2026 alongside continued provincial fintech investment activity centred in Quebec.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "Consumer-Driven Banking framework (open banking)",
     "source": "https://www.electronicpaymentsinternational.com/features/canada-finally-to-get-real-time-payments-open-banking/",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Consumer-Driven Banking Act",
     "source": "https://www.canada.ca/en/department-finance/programs/financial-sector-policy/open-banking-implementation/budget-2025-canadas-framework-for-consumer-driven-banking.html",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Consumer-Driven Banking Act scope",
     "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": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "RTR product/innovation trust architecture",
     "source": "https://www.redcompasslabs.com/insights/canada-instant-payments-era-real-time-rails/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Provincial fintech development vehicle",
     "source": "https://www.desjardinscapital.com/en/about-us/funds-under-management/fintech-desjardins/",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W10",
   "name": "Consumer Protection & APP Fraud",
   "confidence": "High",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/canada-quebec/#w10-consumer-protection-app-fraud",
   "standing_position": "Quebec's consumer protection regime for payments runs through the Consumer Protection Act (amended by Bill 72, 2024), layered atop federal Bank Act liability limits and the sole national external complaints body (OBSI); unlike the UK, Canada has no statutory APP-fraud mandatory reimbursement regime.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "Bank Act liability limits + Quebec fraud provisions",
     "source": "https://hillnotes.ca/2025/10/21/online-banking-fraud-protecting-consumers-from-unauthorized-transactions/",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Quebec Bill 72 deposit-account fraud liability",
     "source": "https://hillnotes.ca/2025/10/21/online-banking-fraud-protecting-consumers-from-unauthorized-transactions/",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "External complaints body (OBSI)",
     "source": "https://hillnotes.ca/2025/10/21/online-banking-fraud-protecting-consumers-from-unauthorized-transactions/",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "QCPA enforcement penalties",
     "source": "https://iclg.com/practice-areas/consumer-protection-laws-and-regulations/canada/",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Bill 72 merchant refund obligations",
     "source": "https://www.osler.com/en/insights/reports/2024-legal-outlook/whats-new-in-quebecs-consumer-protection-law/",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Comparative note - no UK-style APP reimbursement in Canada",
     "source": "https://hillnotes.ca/2025/10/21/online-banking-fraud-protecting-consumers-from-unauthorized-transactions/",
     "source_url": null,
     "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-quebec/#w11-aml-cft-financial-crime",
   "standing_position": "Carrying the Sentinel.gi payments-context position: Canada's AML/CFT regime for Quebec-exposed payment entities runs on the dual federal (FINTRAC/PCMLTFA) and provincial (AMF/MSBA) tracks, with FINTRAC's 2025 enforcement escalation (record AMPs) and the pending Bill C-2 Strong Borders Act penalty overhaul defining the current posture.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "sentinel.Quebec-specific FINTRAC enforcement",
     "source": "https://www.mlex.com/mlex/amp/articles/2438541",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": "Quebec operates under Canada's federal PCMLTFA/FINTRAC regime plus its own civil-law notarial system and provincial securities regulator (AMF Québec). A 2015 Supreme Court ruling excludes legal counsels, legal firms and Quebec notaries from AML/CFT supervision, leaving conveyancing, incorporation and trust work largely outside FINTRAC's reach. Federal crypto/MSB oversight is comparatively mature and enforcement-active, but real estate, casino and DNFBP supervision remain uneven.",
     "instrument_type": "assessment",
     "source": "FIM (sentinel.gi) per-JID baseline profile — Canada — Quebec",
     "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: national 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": "Gap: enforcement-absence",
     "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: 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
    },
    {
     "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
    }
   ]
  },
  {
   "code": "W12",
   "name": "Correspondent Banking, Settlement & Access",
   "confidence": "High",
   "moved_this_cycle": true,
   "url": "https://payments.gi/jurisdictions/canada-quebec/#w12-correspondent-banking-settlement-access",
   "standing_position": "Canadian correspondent banking access sits within a global de-risking environment intensified by major AML penalties against Canadian banks abroad (e.g. TD Bank), while domestic settlement-system access has been broadened by Payments Canada's rule change admitting registered PSPs; the Bank of Canada is expanding NBFI risk monitoring given rising non-bank interconnection.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "Payments Canada membership rule change",
     "source": "https://www.electronicpaymentsinternational.com/features/canada-finally-to-get-real-time-payments-open-banking/",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "De-risking pressure on Canadian banks",
     "source": "https://www.remitbee.com/blog/money-transfer/bank-account/canadian-bank-account-closures-reasons-and-what-to-do-about-it",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Basic banking access regulation",
     "source": "https://www.remitbee.com/blog/money-transfer/bank-account/canadian-bank-account-closures-reasons-and-what-to-do-about-it",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Bank of Canada NBFI monitoring expansion",
     "source": "https://www.bankofcanada.ca/2025/05/financial-stability-report-2025/",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Provincial regulator designation authority (credit unions)",
     "source": "https://www.canada.ca/en/department-finance/programs/financial-sector-policy/open-banking-implementation/budget-2025-canadas-framework-for-consumer-driven-banking.html",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W13",
   "name": "Commercial Intelligence & Fintech",
   "confidence": "Assessed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/canada-quebec/#w13-commercial-intelligence-fintech",
   "standing_position": "Trailing-12-month commercial activity is dominated by Montreal-headquartered Nuvei's ongoing global expansion (direct acquiring launch, product partnerships, and reported acquisition talks for Payoneer) following its 2024/2025 take-private by Advent International.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "commercial_event: reported acquisition talks",
     "source": "https://www.paymentsdive.com/news/how-a-nuvei-payoneer-merger-would-build-business/822631/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "commercial_event: acquisition agreement",
     "source": "https://www.calcalistech.com/ctechnews/article/6d298gwz0",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "commercial_event: product/partnership launch",
     "source": "https://www.nuvei.com/posts/nuvei-becomes-direct-local-acquirer-in-canada",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "commercial_event: direct acquiring launch",
     "source": "https://fintech.global/2025/06/30/nuvei-launches-direct-acquiring-in-canada/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "commercial_event: acquisition (industry tracker)",
     "source": "https://www.privsource.com/acquisitions/payments-fintech/canada",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  }
 ]
}