Accountants
Streamline client onboarding, risk assessments, and reporting—all while meeting your mandatory FINTRAC obligations. Compliance under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) is not optional—it is a legal requirement for accountants and accounting firms engaged in certain financial transactions in Canada.
Avoid penalties, protect your practice, and stay audit-ready with solutions built specifically for your profession.
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.
New Compliance Landscape: Bill C-2
Canada’s Bill C-2, currently in Parliament, introduces sweeping changes to anti-money laundering laws. It proposes:
Stricter penalties:
Individuals could face fines of up to $4 million per violation, while entities such as accounting firms may face up to $20 million.
Cumulative penalties:
For multiple infractions, fines may rise to the greater of $4M or 3% of global income (individuals), and $20M or 3% of global annual revenue (entities).
Mandatory FINTRAC enrolment:
All regulated businesses, including accounting firms, must enrol with FINTRAC unless specifically exempted. This includes submitting detailed applications, renewing periodically, and updating business information as needed.
These changes make proactive compliance more important than ever. Our platform is built to help accounting professionals not only meet existing rules but adapt to upcoming legislative shifts without disruption.
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
Step-by-Step Guidance
Integrated prompts and templates aligned with PCMLTFA requirements.
Industry-Specific Templates
Forms and workflows adapted for accountants' common services and client types.
Unstructured Recordkeeping and Audit Preparation
Centralized Compliance Dashboard
Maintain organized, timestamped records ready for audit.
Retention Schedule Enforcement
Automated compliance with the five-year retention rule.
Insufficient Risk Assessment Workflows
PEP and Sanctions Screening
Real-time checks against relevant databases.
Risk Categorization Engine
Classify clients by service, geography, and behavior to support risk-based decision-making.
Time Constraints and Manual Processes
Automation of Recurring Tasks
Automate monitoring and reporting triggers for large cash or virtual currency transactions.
Out-of-the-Box Compliance Setup
Ready-to-use workflows that don’t require IT overhead or long training cycles.
Services Relevant to This Industry
Client Identification
Verify clients using dual-process or credit file methods with audit-ready logs.
Business Relationship Documentation
Record engagement purpose, services, and ongoing nature to establish a compliant business relationship.
Ongoing Monitoring
Detect unusual patterns or triggers and maintain periodic reviews based on risk.
Large Transaction Reporting
Automate reports for large cash or virtual currency receipts.
Suspicious Transaction Reporting (STR)
Pre-built workflows to assess, document, and escalate potential red flags.
Recordkeeping Compliance
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.
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.
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.
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.
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Our team is here to listen, answer your questions, and help you get compliant — fast.
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