DMCL Chartered Professional Accountants, an accounting firm with locations in Vancouver, Surrey, Port Coquitlam, and Victoria, has been fined $72,750 by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) for non-compliance with federal anti-money laundering regulations, according to a news release by the agency.
The penalty, imposed on July 25, 2025, follows a compliance examination that identified three violations of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its associated regulations.
The first violation involved the firm’s failure to develop and apply up-to-date written compliance policies and procedures. Specifically, the firm’s policies did not address determinations related to politically exposed persons, heads of international organizations, and ministerial directive requirements.
The second violation pertained to the firm’s failure to assess and document the risk of money laundering and terrorist financing in its activities. The risk assessment documentation reviewed during the examination did not contain the required information on factors such as products, services, delivery channels, geographic locations, clientele, business relationships, new developments, and new technologies.
The third violation involved the firm’s failure to conduct and document a prescribed review of its compliance program within the required two-year period. The review conducted in 2023 was found to be four years overdue and lacked sufficient documentation.
FINTRAC has confirmed that the administrative monetary penalty has been paid in full, and the case is now closed.
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