Perform payment functions related to an electronic funds transfer made in Canadian or foreign fiat currencies.
Criteria for qualification
Have a place of business in Canada (office or employees) regardless of where their end users are or where they direct their services
Have a place of business outside of Canada but perform retail payment activities for an end user in Canada and direct retail payment activities at individuals or entities in Canada.
Perform payment functions that are not excluded from the RPAA and associated regulations (see 6-11 of the RPAA )
Entity based exclusion:
- banks and authorized foreign banks (pursuant to the Bank Act);
- credit unions, insurance companies, and trust and loan companies;
- agents and mandataries of PSPs;
- Payments Canada;
- the Society for Worldwide Interbank Financial Telecommunication (SWIFT) (excluded through the Regulation).
Activity based exclusion:
- transactions using automatic banking machines;
- internal transactions among affiliated entities;
- securities transactions performed by an individual or entity that is regulated or exempted from regulation under Canadian securities legislation.