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Armored Car Services that Cash Checks Raise AML Due Diligence Questions
By Matt Squire
printBanks must be cautious when serving armored car companies that have expanded into check cashing services because the businesses might not fully understand their anti-money laundering responsibilities, compliance consultants say. While not common, some armored car companies, such as Chicago-based Thillens Inc., have long provided on-site payroll check cashing services for remotely located factories and other businesses. Others began offering similar services in south Florida in 1992 for workers who had lost access to banking services after Hurricane Andrew. The Financial Crimes Enforcement Network said in a 2002 ruling that armored car companies offering services-beyond transporting, counting and sorting currency-that...
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