[Canada] Crack down on unregistered payments companies

Bank of Canada has announced a crackdown on unregistered payments companies, involving enforcement action, The Logic reports.

The central bank regulates non-bank payments firms. It has taken enforcement action against Quikcard Solutions, Teranet, UpperBee Pay, GoDaddy Payments Services Canada and Paytrak Payroll Services for their failure to register. 

The notices of violation are reportedly the first the Bank of Canada has published since it started overseeing payments companies in September 2025. 

The central bank imposed fines of $0 in all five cases, despite it having the power to levy penalties as high as $10 million. All five companies subsequently applied to register. 

According to academics, the reputational damage from published enforcement actions hurts share prices more than fines, which can be challenging for regulators to collect. 

In March, the Bank of Canada reportedly started auditing payments companies to ensure they’re following the rules. 

Source: The Logic

(Links via original reporting)

Bank of Canada has announced a crackdown on unregistered payments companies, involving enforcement action, The Logic reports.

The central bank regulates non-bank payments firms. It has taken enforcement action against Quikcard Solutions, Teranet, UpperBee Pay, GoDaddy Payments Services Canada and Paytrak Payroll Services for their failure to register. 

The notices of violation are reportedly the first the Bank of Canada has published since it started overseeing payments companies in September 2025. 

The central bank imposed fines of $0 in all five cases, despite it having the power to levy penalties as high as $10 million. All five companies subsequently applied to register. 

According to academics, the reputational damage from published enforcement actions hurts share prices more than fines, which can be challenging for regulators to collect. 

In March, the Bank of Canada reportedly started auditing payments companies to ensure they’re following the rules. 

Source: The Logic

(Links via original reporting)