Cheque Cashers
We help money services businesses (MSBs) meet FINTRAC obligations with automated workflows, real-time ID verification, and simplified recordkeeping — purpose-built for the cash-based operations of currency exchange providers and cheque cashers.
Who Is It For?
These businesses handle frequent, high-volume transactions that require rigorous anti-money laundering (AML) compliance, including client identification, recordkeeping, and reporting. Our solution reduces friction and regulatory risk through automation and standardized processes.
Industry Overview
Cash-based MSBs like currency exchangers and cheque cashers play a crucial role in financial inclusion. But they also face heightened scrutiny under Canada’s Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). FINTRAC regulations apply when transactions involve CAD 10,000 or more, suspicious behavior, or certain types of third-party dealings.
Manual processes and inconsistent reporting practices expose these businesses to compliance failures, audits, and penalties. Adopting modern, automated systems is no longer optional — it’s a regulatory necessity.
Common Challenges
Our Solutions
Inconsistent ID verification practices
Standardized methods using government-issued ID, dual-process verification, or credit file checks.
Ensure client identity is confirmed, documented, and stored for review.
Missed or incomplete recordkeeping for large transactions
Trigger required reports when CAD 10,000+ in cash or virtual currency is exchanged.
Centralized storage with search and export capabilities.
Difficulty tracking and reporting suspicious transactions
Capture all required fields and context for suspicious transaction reports.
Workflow logic helps staff identify patterns and initiate reporting.
Non-compliance with third-party cashing regulations
Capture and link information about the person receiving funds on behalf of another.
Document client intent and purpose behind each transaction.
Manual workflows prone to errors and delays
Reduce paper handling and simplify internal reviews.
Monitor reporting status and audit readiness from a single screen.
Services Relevant to This Industry
Verify customer identity before completing large exchanges or suspicious transactions.
Automatically generate LCTRs when clients exchange CAD 10,000 or more in a single transaction or series.
Guide staff through structured, compliant documentation of suspicious behavior.
Ensure compliance when the person receiving cash is not the same as the client.
Maintain full audit trails and retain required data for five years as per FINTRAC rules.
Capture the reason and context for frequent or high-volume customers.
Real-World Use Cases
Use Case 1: Client exchanges $15,000 in foreign currency
System prompts for ID verification and generates an LCTR. Transaction and identity documents are logged automatically.
Visual suggestion: Workflow screen showing completed LCTR and ID scan.
Use Case 2: Cheque cashed by a third-party recipient
Identity of both the original client and third-party recipient recorded. Transaction is linked to a client profile for future monitoring.Visual suggestion: Dual identity capture with linked profiles.
Use Case 3: Suspicious customer behavior flagged during large exchange
STR initiated based on flagged behavior. Compliance officer reviews and submits report to FINTRAC.
Visual suggestion: Suspicious activity flagged in real-time with action buttons.
Integrations / Compliance
Frequently Asked Questions
When do I need to verify a client’s identity?
For any cash or virtual currency transaction of CAD 10,000 or more, or when a transaction appears suspicious.
What if someone is cashing a cheque on behalf of someone else?
Both the client and the third-party recipient must be identified and documented.
Can I keep paper records instead of using your platform?
Paper is allowed, but digital workflows reduce errors, speed up audits, and provide greater oversight.
What’s the reporting threshold for currency exchange?
Any transaction involving CAD 10,000 or more — in one transaction or multiple linked ones — requires reporting.
Do I need to assess the business relationship?
Yes. You must understand and document the nature of the relationship for ongoing clients.
Getting Started
Stay compliant without slowing down your business. Our purpose-built solutions for currency exchange and cheque cashing providers automate your obligations, reduce risk, and prepare you for any audit.
Fill out the short contact form below or choose another convenient way to reach us. Our team is here to listen, answer your questions, and help you get compliant — fast.
Contact Us
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