Final Countdown to Compliance: Cheque Cashers Face April 1st FINTRAC Deadline
What you need to know about the upcoming regulatory changes affecting cheque cashing services.
FINTRAC Registration Is No Longer Optional—And Now It’s Urgent
If you're running a cheque cashing service or a finance, leasing, or factoring company in Canada, the clock is ticking. On March 7th, 2025, the Department of Finance officially amended regulations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). The critical change? Your compliance deadline just moved up six months—from October 1st to April 1st, 2025. That’s less than two weeks to get your house in order.
What You Must Do by April 1st
As of April 1st, 2025, you must:
- Begin registering with FINTRAC as a Money Services Business (MSB)
- Implement a fully compliant AML program, including:
- Hire or outsource a dedicated compliance officer (CAMLO, MLRO, or CCO)
- Complete your written compliance programme
- Complete your company's risk assessment
- Schedule an AML/ATF training for your staff
- Prepare for and start looking for an external audit or effectiveness review
Miss this deadline, and you’re potentially facing fines, enforcement action, and reputational damage.
If this is you, AML Incubator can help. Just book a call, and we will have an initial free consultation call to discuss the next steps.
Why This Matters—And Why You Need to Act Now
Many cheque cashers and private lenders have flown under the radar, until now. These new requirements are part of a broader strategy to close regulatory gaps across Canada’s financial services sector. You may have thought your business was exempt or “too small to matter.” That’s no longer the case. And with the sudden acceleration to April 1st, there’s little time left to guess your way through the process or wait for clarification. You need expert help, fast.
AML Incubator Can Get You Compliant—Fast
We’ve helped dozens of MSBs and financial intermediaries navigate complex regulatory changes like this. Whether you’re a small cheque cashing storefront or a regional leasing firm, our experts can help you:
- MSB Registration — correctly and on time
- Set up a compliant AML program tailored to your risk profile
- Train your staff, document your controls, and pass inspections
Don’t Be the One Who Gets Fined
Regulators aren’t giving second chances this time around. If you’re not compliant by April 1st, you may already be on their radar. Avoid costly mistakes. Don’t wait until it’s too late.
Contact Us Today
At AML Incubator, we’re Your Trusted Partner in Regulatory Excellence.
Let’s get your compliance program launched—fast.
Book a free consultation or email us at hello@amlincubator.com.
