Armoured Car Businesses
Streamline reporting, identity verification, and transaction monitoring—all while meeting your mandatory FINTRAC obligations. Compliance under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) is not optional—it is a legal requirement for armoured car service providers handling large-value cash or virtual asset transfers.
Avoid penalties, maintain operational integrity, and stay audit-ready with compliance tools built for the realities of cash-in-transit logistics.
Who Is It For?
These companies face unique AML compliance obligations when transporting large amounts of currency or similar assets. Our solutions help streamline reporting, ensure documentation accuracy, and reduce regulatory risk.
Industry Overview
The armoured car sector plays a critical role in transporting large volumes of physical currency and high-value assets across Canada. When a shipment involves CAD 10,000 or more, FINTRAC obligations are triggered. These include client identification, large virtual currency transaction reports, and suspicious transaction reports (STRs).
Failure to maintain accurate records or fulfill reporting obligations can lead to serious penalties under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). With cash volumes and scrutiny both rising, service providers must modernize compliance processes to avoid regulatory exposure.
New Compliance Landscape: Bill C-2
Canada’s Bill C-2, currently in Parliament, introduces sweeping changes to anti-money laundering laws. It proposes:
Stricter penalties:
Individuals could face fines of up to $4 million per violation, while entities such as cash logistics companies may face up to $20 million.
Cumulative penalties:
For multiple infractions, fines may rise to the greater of $4M or 3% of global income (individuals), and $20M or 3% of global annual revenue (entities).
Mandatory FINTRAC enrolment:
All regulated businesses, including armoured car providers, must enrol with FINTRAC unless specifically exempted. This includes submitting detailed applications, renewing periodically, and updating business information as needed.
These changes make proactive compliance more important than ever. Our platform is designed to help cash transport businesses not only meet current rules but prepare for legislative shifts with minimal disruption.
Common Challenges
Our Solutions
Manual and inconsistent data collection
Capture sender and recipient details in real-time using compliant fields.
Ensure client ID is validated with acceptable FINTRAC methods (e.g., dual process, government-issued ID).
Missed or delayed large transaction reports
Trigger reporting workflows as soon as thresholds are crossed.
Complete and store Large Cash Transaction Reports (LCTRs) and Large Virtual Currency Transaction Reports (LVCTRs) with pre-filled fields.
Difficulty linking transport records to client identity
Easily link pickup/drop-off events to the client identity and reason for transfer.
Document nature and purpose of the transaction for enhanced auditability.
Risk of non-compliance during third-party pickups
- Third-party identification module
Collect and verify details of non-client individuals physically involved in the transaction.
Time-consuming audit preparation
- Centralized records dashboard
Store, access, and export five-year FINTRAC-compliant records instantly.
Services Relevant to This Industry
Client Identification & Verification
Compliant identity capture for individuals and businesses involved in cash transport.
Large Transaction Reporting
Automated LCTR and LVCTR workflows for qualifying shipments.
Business Relationship Documentation
Log context and client-service relationship with each high-value transfer.
Third-Party Pickup Tracking
Identify and verify third parties collecting or delivering funds on behalf of clients.
Suspicious Transaction Detection
Document, assess, and escalate irregular activity using structured STR templates.
Audit-Ready Recordkeeping
Automatically retain required data in a centralized, exportable format for five years.
Real-World Use Cases
Use Case 1: Client deposits $50,000 for transit to another financial institution
Identity verified using dual-process method. LCTR triggered and filed. Business relationship documented and stored.
Use Case 2: Third party arrives for cash pickup
Verification of third party conducted and linked to the primary client file. Transaction logged.
Use Case 3: FINTRAC audit preparation
Compliance officer exports full records for selected month, including IDs, business relationships, and STRs filed.
Frequently Asked Questions
Are we required to report if the funds are not ours?
Yes. If you're transporting currency or virtual assets of CAD 10,000 or more on behalf of others, you're obligated to report and identify clients.
Do I need to identify third-party individuals involved in pickup or delivery?
Yes. Identification must include those who physically transfer the funds, even if they’re not the client.
What types of ID verification are acceptable?
You can use government-issued photo ID, dual-process methods, or credit file confirmation, as outlined by FINTRAC.
How long must we retain records?
Records must be kept for a minimum of five years from the date of the transaction.
Can your system trigger reports automatically?
Yes. Workflows are triggered as soon as the system detects a qualifying transaction.
Getting Started
Ready to make compliance effortless and audit-ready for your cash transport operations? Modernize your reporting, mitigate risk, and stay ahead of regulatory demands with our tailored solutions.
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.
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