Background:
As of July 1, 2024, persons or entities that are engaged in the business of transporting currency, money orders, traveler’s cheques or other similar negotiable instruments (except for cheques payable to a named person or entity) will be subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (the Act) and have the obligations to comply with FITRAC regulations for MSBs applicable to products and services offered.
Definition:
Armored cars are businesses that engage in transporting:
- Currency
- Money orders
- Traveler’s cheques or
- Other negotiable instruments
Armored car businesses are subject to the obligations under FINTRAC guidelines that apply to money services businesses and foreign money services businesses.