Accountants who are caught by the reporting requirements of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act must register their business with FINTRAC.
An organization or person applying to register with FINTRAC may be denied registration if:
- They are a listed person or listed entity.
- They have been convicted of:
- A money laundering offence.
- A terrorist financing offence.
- An offence under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.
- An offence related to participating in, or facilitating the activities of, a terrorist group.
- An offence related to possession of property from crime.
- An offence for participating in a criminal organization.
- An offence for fraud.
- A serious drug offence.