GI-2025-41-reg1: By-law Amending the Canadian Payments Association By-law No. 6 — Compliance

If your business is a member of Payments Canada — such as a bank, credit union, payment service provider, or clearing house — this change affects how rule violations are handled and what fines you could face. For minor or uncontested infractions, you'll now deal with a quicker President-led process instead of a full committee hearing, saving you time and administrative effort; up to 10 businesses per year are expected to each save roughly five hours of work. However, if you do get hit with a penalty, the ceiling has quadrupled to $1,000,000 per contravention, meaning serious or repeated non-compliance is now significantly more expensive. You'll still have the right to request an independent review of any decision made under the new streamlined process, but only if you haven't already paid the penalty.