Duhaime's Financial Crime & Anti-Money Laundering Law in Canada

Accountants and accounting firms must have a compliance regime that includes:

• The appointment of a compliance officer for the accountants or accounting firms.
• Written policies and procedures describing, among other things, how the accountant or accounting firm will meet its obligations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.
• An assessment of the risks of money laundering and terrorist financing they face, and measures to mitigate high risks they have identified.
• A training program on their specific anti-money laundering obligations and the compliance program.
• A review of the effectiveness of the compliance program, training program and risk assessment for the accountant or accounting firm.