A British Columbia accounting firm has been fined over $72,000 by Canada’s anti-money laundering agency, Fintrac, for neglecting to assess and document risks related to money laundering and terrorist financing. The agency noted that DMCL Chartered Professional Accountants also failed to maintain updated compliance policies. The penalty was imposed in July for violations of the proceeds of crime and terrorist financing law, which the firm has since paid in full.
According to Fintrac, the accounting firm with offices in Vancouver, Surrey, Port Coquitlam, and Victoria did not properly conduct and document periodic reviews of its compliance program. In response, the firm issued a statement acknowledging the seriousness of the violations and reaffirming its commitment to adhering to anti-money laundering regulations.
DMCL partner Matthew Gosden stated that immediate corrective measures were taken upon being informed by Fintrac earlier this year about the compliance shortcomings.