A Letter: How FINTRAC’s April Fool’s effective date impacts your business

Hi there!

I want to share some AML (anti-money laundering) news that directly impacts all cheque cashing businesses in Canada, as well as leasing and financing businesses. 

On March 7, FINTRAC announced that the application of the Proceeds of Crime, Money Laundering and Terrorist Financing Act and Regulations (affectionately referred to as PCMLTFA/R), which was previously slated to take effect in October of this year, will go into effect on Tuesday, April 1, 2025.

While I love a good April Fool’s joke as much as the next regulatory nerd, the advancement of the effective date could be alarming for many businesses. On the bright side, this challenge also represents an amazing opportunity for Canadian businesses.

Bringing cheque cashing, leasing and financing into the fold of regulated entities also means you can:

• Build stronger customer trust and loyalty
• Create competitive advantages in your market
• Reduce operational risks (like losses)
• Position yourself as an industry leader
• Open doors to new partnership opportunities with other financial institutions

My team and I are ready for this change. We’ve helped many businesses get on side with their regulatory requirements quickly, easily and affordably. 

To support a quick transition into compliance with the law, Minerva offers a same-day implementation, getting you fully operational within 24 hours. 

Not sure what to do or where to start? I’m happy to talk you through it.

Book time with me directly and I'll get you started.

We look forward to sharing what we've built for businesses like yours.

Talk soon,

Jennifer Arnold
CEO @ Minerva