DMCL Pays $72,750 Penalty for Anti-Money Laundering Breaches
DMCL Chartered Professional Accountants, with offices in Vancouver, Surrey, Port Coquitlam, and Victoria, has paid a significant administrative penalty of $72,750 for breaching anti-money laundering and terrorist financing laws. The firm, committed to compliance, has taken swift action to rectify its policies after being notified of the violations by Fintrac earlier this year.
DMCL's failure to institute and document a periodic review of its compliance program, along with not keeping its policies up to date, led to the penalty imposed in July 2025. The firm also fell short in assessing and documenting money laundering and terrorist financing risks. Raymond Chabot Grant Thornton, a partner at DMCL, acknowledged these Fintrac violations and the firm's dedication to rectifying the situation.
DMCL has paid the penalty in full, demonstrating its commitment to addressing the compliance issues. The firm has taken immediate action to fix its policies and procedures, ensuring they align with anti-money laundering regulations.
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