Proceeds of Crime (Money Laundering) and Terrorist Financing Suspicious Transaction Reporting Regulations

4 (1) Every money services business is subject to Part 1 of the Act when it engages in any of the following activities:

• (a) remitting funds or transmitting funds by any means or through any person, entity or electronic funds transfer network; or

• (b) issuing or redeeming money orders, traveller’s cheques or other similar negotiable instruments.

(2) For greater certainty, paragraph (1)(b) does not apply in respect of the redemption of any cheque payable to a named person or entity.