Payment service providers (PSPs) and money services businesses (MSBs) face a growing set of regulatory expectations under the Retail Payment Activities Act (RPAA) and the Retail Payment Activities Regulations (RPAR). The Bank of Canada supervises these rules and expects providers to be able to demonstrate compliance at any time, not just during annual reporting.
One of the most effective tools to manage these obligations is a live compliance checklist. Far more than a simple to-do list, a checklist provides a structured way to track responsibilities, assign ownership, and document evidence. When used consistently, it becomes a year-round compliance management tool that helps PSPs stay audit-ready and maintain trust with regulators, boards, and customers.
Why a live compliance checklist matters
Regulatory compliance is not static. New incidents, business changes, or updates from the Bank of Canada can create fresh obligations at any time. For example, the Bank’s guidance on operational risk and incident response and safeguarding end-user funds make clear that compliance is an ongoing responsibility.
A live compliance checklist keeps these duties visible. Instead of relying on annual reviews, the checklist provides daily, weekly, and monthly reminders. Tasks like updating training records, reconciling safeguarded funds, and testing business continuity plans can all be logged and tracked. By making compliance continuous, PSPs reduce the risk of missing deadlines or falling short of supervisory expectations.
The checklist also acts as a central reference point. Staff know exactly where to look for upcoming deadlines, evidence requirements, and reporting obligations. This aligns with RPAA governance expectations that roles, responsibilities, and oversight must be clearly documented and regularly reviewed.
Assigning owners, tracking evidence, and monitoring deadlines
An effective checklist does more than list obligations. It assigns owners to each task. For example, safeguarding reconciliations may be assigned to operations staff, while board reporting responsibilities sit with compliance leaders. The RPAA requires that a senior officer be clearly accountable for compliance, with board oversight of policies and practices. A checklist helps reinforce that accountability by linking every task to a responsible person.
Tracking evidence is equally important. Bank of Canada supervisory documents, including the incident notification guide and the significant change notice guide, emphasize the need to maintain complete records. A checklist can include space to log where evidence is stored, whether it is board minutes, reconciliation reports, or incident registers.
Monitoring deadlines is where the checklist shows its real value. Obligations like incident notification must be submitted within 48 hours of determination, while business continuity testing must be reviewed at least annually. By setting clear deadlines and reminders, PSPs can demonstrate that compliance is not only planned but actively monitored.
Turning the checklist into a management tool
When structured properly, the checklist becomes more than an operational log. It turns into a management tool for board oversight and audit readiness.
Boards have a clear role under the RPAA. They must approve policies, review reports, and challenge management on compliance. A well-maintained checklist gives directors confidence that obligations are being met. It also provides a structured agenda for board reporting, ensuring that key compliance milestones are visible and discussed.
For audits and supervisory reviews, the checklist can serve as a roadmap to evidence. Instead of scrambling to collect documents, PSPs can point to a living record that shows when tasks were completed, who signed off, and where supporting files are stored. This reduces stress during regulatory reviews and demonstrates a culture of compliance.
Some PSPs even use their checklist as a dashboard. By summarizing completion rates, overdue items, and evidence logs, management can spot gaps early and address them before they become supervisory findings. This proactive approach aligns with the Bank of Canada’s emphasis on continuous risk monitoring.
Conclusion
Staying compliant with the RPAA is not a one-time task. It requires ongoing attention, documentation, and oversight. A compliance checklist provides the structure to meet these expectations year-round.
By keeping obligations visible, assigning clear ownership, and linking evidence to deadlines, a checklist helps PSPs manage risk, prepare for audits, and give boards the visibility they need. In a fast-moving regulatory environment, it turns compliance into a living, breathing part of daily operations.
If you are ready to build a strong compliance foundation, explore Comply North’s pricing page to see how structured tools give you a competitive edge, or connect with experts directly through the contact page.
