1. In these Regulations, “Act” means the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.

2. The short-form descriptions that are set out in column 2 of Part 1 of the schedule, and column 3 of Parts 2, 3 and 4 of the schedule, form no part of these Regulations and are inserted for convenience of reference only.

3. The contravention of any of the following provisions is a violation that may be proceeded with under sections 73.11 to 73.5 of the Act:

• (a) a provision of the Act set out in Column 1 of Part 1 of the schedule;

• (b) a provision of the Act and a provision of the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations set out in Columns 1 and 2 of Part 2 of the schedule;

• (c) a provision of the Act and a provision of the Proceeds of Crime (Money Laundering) and Terrorist Financing Suspicious Transaction Reporting Regulations set out in Columns 1 and 2 of Part 3 of the schedule; and

• (d) a provision of the Act and a provision of the Proceeds of Crime (Money Laundering) and Terrorist Financing Registration Regulations set out in Columns 1 and 2 of Part 4 of the schedule.

• 4. (1) Each violation is classified as a minor, serious or very serious violation, as set out in column 3 of Part 1 of the schedule and column 4 of Parts 2 to 4 of the schedule.

• (2) A series of minor violations identified on a notice of violation shall be considered to be a serious violation for the purpose of section 73.21 of the Act if the total of the penalties for the violations set out in the notice is equal to or greater than $10,000.

5. Subject to subsection 73.1(2) of the Act, the range of penalties in respect of a violation is

• (a) $1 to $1,000 in the case of a minor violation;

• (b) $1 to $100,000 in the case of a serious violation; and

• (c) $1 to $500,000 in the case of a very serious violation.

6. For the purposes of section 73.11 of the Act, the history of compliance by the person or entity with the Act, other than Part 2 of the Act, the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations, the Proceeds of Crime (Money Laundering) and Terrorist Financing Suspicious Transaction Reporting Regulations and the Proceeds of Crime (Money Laundering) and Terrorist Financing Registration Regulations are prescribed as criteria that are to be taken into account in determining the amount of a penalty.