When people hear “high-risk payments,” they usually think about industries like gambling, crypto, or Forex. But what often goes unnoticed is that there’s risk within high-risk — and that risk doesn’t just come from the merchant, but also from the type of payment provider, their legal structure, and how you’re integrated.
High-Risk PSP Selection: What “Risk” Really Means in High-Risk Payments Read More »
As of March 2025, Money Services Businesses (MSB) in Canada must navigate a dual regulatory framework enforced by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and the Retail Payments Activities Act (RPAA), overseen by the Bank of Canada. Under RPAA, MSB offering retail payment services—such as money transfers, currency exchange, or cryptocurrency wallets—must safeguard client funds in segregated accounts, trust accounts, or fiduciary accounts. Simultaneously, FINTRAC mandates registration and compliance with anti-money laundering (AML) and counter-terrorism financing (CTF) rules. For MSB, this means partnering with financial institutions to open RPAA-compliant accounts that align with FINTRAC obligations.
Benefits of Additional Reserve Banking Accounts for High-Risk Businesses For high-risk businesses, maintaining additional or backup banking accounts or IBANs
