The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) imposed a CAD 72,750 administrative monetary penalty on DMCL Chartered Professional Accountants (DMCL) following a compliance examination, citing non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated regulations. The penalty was imposed on July 25, 2025, has been paid in full, and the case is closed. FINTRAC found the British Columbia-based accounting firm, with locations in Vancouver, Surrey, Port Coquitlam and Victoria, failed to maintain key elements of a compliant regime, including by not developing and applying written compliance policies and procedures that are kept up to date and approved by a senior officer, not assessing and documenting money laundering and terrorist financing risk using prescribed factors, and not conducting and documenting the required biennial effectiveness review of its compliance program by an internal or external auditor. FINTRAC also reported issuing 23 notices of violation in 2024–25 totalling more than CAD 25 million.
Financial Transactions and Reports Analysis Centre of Canada 2025-10-09
Financial Transactions and Reports Analysis Centre of Canada imposes CAD 72,750 penalty on DMCL Chartered Professional Accountants for AML compliance program failures
FINTRAC imposed a CAD 72,750 penalty on DMCL Chartered Professional Accountants for non-compliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. The firm failed to maintain a compliant regime, including inadequate compliance policies, risk assessments, and biennial reviews. FINTRAC issued 23 notices of violation in 2024–25, totaling over CAD 25 million.