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Chapter MLR3C10100

Document Cited in Related
Vincent
Published date26 April 2016
Record NumberMLR3C10100

Cheque cashing can be a main or secondary business activity. You will find that generally cheque cashers fall into the following two categories.

* Independent. These businesses will operate using their own bank account. The cheque cashing is usually ancillary to the main business activity (for example a jeweller or general store). The business has full autonomy over the types of cheques being cashed and therefore can present a higher risk of money laundering. Where there is dual business trading activity there will be a separate account for the cheque cashing side of the business
                * Franchise. Generally the business will follow the franchisor’s procedures and may offer additional services (such as the retail of second hand goods, pawn broking, other financial products and currency exchange)

Where a business undertakes mixed trading activities such as cheque cashing and providing loans (for example...

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