CHEQUE CASHERS

Does your business cash cheques?

If yes, as of April 1, 2025, you are now considered a Money Service Business (MSB) and are regulated by FINTRAC.  

To ensure you are meeting your anti-money laundering obligations, all cheque cashing businesses need to:

1. Register as an MSB 

2. Implement a compliance program

3. Document AML Policies and Procedures

4. Establish and maintain transaction reporting processes

5. Use Prescribed Know Your Customer protocols (KYC)

6. Keep records

7. Apply Ministerial Directives 

Failure to implement these obligations could result in increased scrutiny from regulators and monetary penalties.

At The AML Shop, we have helped hundreds of MSBs establish their compliance programs and maintain their ongoing AML requirements with ease.

Get in touch with an expert today and learn how We Help Keep FINTRAC Happy. contactus@theamlshop.ca to get started.

KEY CONTACTS

Marcelle Dadoun - Principal, Program Design and Advisory
marcelle@theamlshop.ca
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Marcelle Dadoun, Principal, Program Design and Advisory leads The AML Shop's compliance program design division and provides advisory support to all reporting types, including new and evolving money services businesses, payment service providers and fintech clients looking to navigate local and international regimes for registration, licensing, and regulations. Additionally, she has developed and currently leads the Retail Payment Activities Act (RPAA) program division at The AML Shop. Read more.

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