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 an offence under section 74, 75 or 76, subsection 77(1) or section 77.01 or 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 serious violation, a very serious violation or a compliance order 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.