Regulatory Alerts2025-10-09
FINTRAC imposes an administrative monetary penalty on DMCL Chartered Professional Accountants
FINTRAC imposed a $72,750 administrative monetary penalty on DMCL Chartered Professional Accountants following a compliance examination that identified multiple violations of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. The accounting firm failed to develop and maintain updated written compliance policies, properly assess and document money laundering and terrorist financing risks, and conduct biennial independent reviews of its compliance program. The penalty has been paid in full, closing the enforcement case, while FINTRAC reiterated its commitment to enforcing anti-money laundering obligations across regulated sectors to protect Canada's financial security.
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