Accountants and accounting firms are subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) when they engage in any of the following activities on behalf of any individual or entity, or give instructions on behalf of any individual or entity in respect of:
- receiving or paying funds;
- purchasing or selling securities, real properties or business assets or entities; or
- transferring funds or securities by any means.
If you undertake such activities, you are required to implement a compliance program to meet your obligations under PCMLTFA. We encourage you to download this guide from CPA Canada to help you address the requirements.
Guide to Comply with Canada's Anti-Money Laundering (AML) Legislation