Accountants
Our AML compliance solutions are tailored for accountants and accounting firms that must meet stringent FINTRAC obligations while maintaining client trust and operational efficiency.
Who Is It For?
These professionals often face evolving AML/ATF regulations and client due diligence requirements. Our solution helps ensure compliance while preserving time and reputational capital.
Industry Overview
In Canada, accountants are subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) when engaging in activities such as managing client money, buying or selling real estate or business entities, and providing trust or company formation services. Regulatory oversight is increasing, with FINTRAC expanding audits and enforcement actions across the profession.
Non-compliance can result in administrative monetary penalties or criminal charges. As gatekeepers of the financial system, accountants need robust, auditable processes that align with FINTRAC’s evolving expectations.
Common Challenges
Our Solutions
Inconsistent Client Due Diligence Practices
Automated Client Identification
Structured workflows to collect and verify personal and business information using FINTRAC-approved methods.
Business Relationship Recording
Capture the nature and purpose of each engagement to establish a business relationship as required by law.
Limited Knowledge of FINTRAC Requirements
Integrated prompts and templates aligned with PCMLTFA requirements.
Forms and workflows adapted for accountants' common services and client types.
Unstructured Recordkeeping and Audit Preparation
Maintain organized, timestamped records ready for audit.
Automated compliance with the five-year retention rule.
Insufficient Risk Assessment Workflows
Real-time checks against relevant databases.
Classify clients by service, geography, and behavior to support risk-based decision-making.
Time Constraints and Manual Processes
Automate monitoring and reporting triggers for large cash or virtual currency transactions.
Ready-to-use workflows that don’t require IT overhead or long training cycles.
Services Relevant to This Industry
Verify clients using dual-process or credit file methods with audit-ready logs.
Record engagement purpose, services, and ongoing nature to establish a compliant business relationship.
Detect unusual patterns or triggers and maintain periodic reviews based on risk.
Automate reports for large cash or virtual currency receipts.
Pre-built workflows to assess, document, and escalate potential red flags.
Automatically maintain and retain data in line with FINTRAC’s requirements.
Real-World Use Cases
Use Case 1: Client Onboarding for Business Purchase
A CPA assists a client in purchasing a business.
Our platform collects beneficial ownership information, verifies identity, and establishes the business relationship in minutes.
*Visual: Workflow screenshot showing completed verification and relationship summary.
Use Case 2: Monthly Monitoring for Long-Term Clients
An accounting firm providing ongoing CFO services automates monthly monitoring. The system flags large virtual currency receipts and high-risk transactions with real-time alerts.Visual: Dashboard with alerts and compliance log.
Use Case 3: Preparing for a FINTRAC Audit
An independent accountant undergoes a FINTRAC review.
They export a complete audit package with client risk classifications, documents, and action logs—instantly and in a regulator-ready format.
Visual: Exported compliance package UI mockup.
Integrations / Compliance
Frequently Asked Questions
What triggers FINTRAC obligations for accountants?
You are subject to FINTRAC obligations if you assist in activities like managing client funds, real estate transactions, or forming corporations.
What happens if I fail to file a report or identify a client properly?
You may face monetary penalties, enforcement actions, or criminal liability depending on the nature of non-compliance.
Can your service help with large cash or virtual currency transactions?
Yes. We provide automated detection and reporting workflows for these transactions as defined by FINTRAC.
Is this solution suitable for small firms or solo practitioners?
Absolutely. Our workflows are scalable and do not require technical setup or large teams.
How do I know if a client is a PEP or high-risk?
Our integrated screening tools automatically check clients against relevant databases and assign risk categories.
Getting Started
Stay compliant, save time, and protect your practice from regulatory risks. Whether you're a solo practitioner or a full-service firm, our accountant-focused AML tools help you stay ahead of the curve.
Fill out the short contact form below or choose another convenient way to reach us. Our team is here to listen, answer your questions, and help you get compliant — fast.
Contact Us
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