Retail Payment Activities Act

Marginal note:Notice of intent to revoke registration

52 The Bank may, for a prescribed reason or for any of the following reasons, issue to a registered payment service provider a notice of intent to revoke the payment service provider’s registration that sets out the reason for the intention to revoke:

• (a) the payment service provider has provided false or misleading information;

• (b) the payment service provider has been found guilty of contravening a provision referred to in section 74, 75 or 76, subsection 77(1) or section 77.1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act;

• (c) the Director of the Centre, under subsection 73.15(4) of that Act, has caused a notice of a decision or of an imposed penalty to be issued and served on the payment service provider in respect of a violation that was classified as a serious or very serious violation under that Act;

• (d) the payment service provider is not registered in accordance with section 11.1 of that Act;

• (e) the payment service provider has ceased to perform retail payment activities;

• (f) an individual or entity that applied for registration under section 24 has acquired control of the payment service provider; and

• (g) the payment service provider has committed or has been deemed to have committed a violation under this Act.