Accountants and Accounting firms

The Proceeds of Crime (i.e. Money Laundering) and Terrorist Financing Act (PCMLTFA) and associated regulations that help combat money laundering and terrorist financing in Canada requires that all accountants and accounting firms fulfill specific obligations under those laws. If you are a chartered accountant, a certified general accountant or a certified management accountant, you are obligated to follow these specifications under the PCMLTFA.

You are also obligated under the PCMLTFA if you are an accounting firm (that has at least one partner) that is recognized as a business, or an administrator that is an accountant that provides accounting services to the public.

You will be subjected to the PCMLTFA if you are engaged in any activities on the behalf of an individual, entity or business, and/or are given instructions in regards of:

  • Receiving or paying funds,
  • Purchasing or selling real properties, business assets, entities or securities,
  • Transferring funds or securities by any means.

Obligations under the PCMLTFA

  • Having a comprehensive and effective compliance program (Guideline 4. Implementation)
  • Know Your Client obligations
  • Reporting – Suspicious transaction, Terrorist Property, Large Cash Transaction
  • Reporting – Suspicious transaction, Terrorist Property, Large Cash Transaction
  • Record Keeping
  • Services offered: – AML/CTF Compliance Audit review – Forensic and Fraud Investigations of financial transactions,

Obligations under the PCMLTFA

  • AML/CTF Compliance Audit review
  • Forensic and Fraud Investigations of financial transactions
  • Business operations and documentation

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