NovoBill operates only through licensed counterparties and every workflow is auditable. The compliance program is sized to the risk profile of the verticals NovoBill serves, with documented controls that pass scrutiny from partner banks and EMI underwriters.
Registered Money Services Business with the Financial Transactions and Reports Analysis Centre of Canada under PCMLTFA. Registration number C10001558.
Drives our KYC, AML/CTF, sanctions screening, and reporting obligations across cross-border transfers, FX, and virtual currency activities.
Registered Payment Service Provider under the Retail Payment Activities Act. Entity ID RPS0014803. Listed in the Bank of Canada's public registry of registered PSPs.
Imposes obligations on safeguarding, operational risk, incident reporting, and ongoing supervision.
What this meansDesignated MLRO and dedicated compliance officer. Independent compliance program, AML policy, and risk-assessment framework — reviewed and updated continuously against PCMLTFA, FINTRAC, and partner-bank requirements.
Annual program effectiveness review by an independent third party. Card-data scope sits with the partner EMI/PSP — NovoBill is not the acquirer.
The single most important question to ask any payment processor: where, exactly, are funds held between when a customer pays and when the money lands in my operating account?
End-user funds at Novobill are held in segregated, designated accounts at federally regulated Canadian banks. These accounts are:
If Novobill becomes insolvent, your in-flight funds are not at risk. They are not part of the bankruptcy estate. They are held for your benefit and can only be released to you (or your customers, in the event of refunds) — not to Novobill's general creditors.
This is the protection that doesn't exist at unregistered processors. It's the single largest risk reduction RPAA registration provides.
Our AML/KYC program is built around FINTRAC requirements with additional controls aligned to international best practice. Highlights: