A major accounting firm with offices across BC, including in Victoria, has been fined more than $70,000 by Canada’s financial intelligence agency for failing to meet anti-money laundering and terrorist financing compliance requirements.
DMCL Chartered Professional Accountants, which operates in Vancouver, Surrey, Port Coquitlam, and Victoria, was issued a $72,750 administrative monetary penalty by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) following a compliance examination.
The penalty was imposed on July 25, 2025, and has since been paid in full.
According to FINTRAC, DMCL failed to develop and maintain updated compliance policies, properly assess and document risks related to money laundering and terrorist financing, and conduct the mandatory effectiveness reviews of its compliance program every two years.
In a statement, FINTRAC Director and CEO Sarah Paquet said the agency’s enforcement actions are designed to ensure that Canadian businesses “continue to do their part” in protecting the country’s financial system.
“Canada’s Anti-Money Laundering and Anti-Terrorist Financing Regime is in place to protect the safety of Canadians and the security of Canada’s economy,” said Paquet.
“We are also firm in ensuring that businesses continue to do their part and we will take appropriate actions when they are needed.”
As Canada’s financial intelligence unit, FINTRAC enforces compliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.
Businesses in sectors such as accounting, real estate, financial services, and casinos are legally required to maintain robust compliance programs, identify clients, and report certain types of financial transactions — including suspicious or large cash transactions — to FINTRAC.
The agency said administrative penalties are meant to encourage compliance rather than act as punitive measures.
In the 2024–25 fiscal year, FINTRAC issued 23 such penalties totalling over $25 million — the largest number in a single year in its history.
