Proceeds of Crime (Money Laundering) and Terrorist Financing Act

Marginal note:Contents of compliance agreement

• 73.16 (1) When the Centre offers to enter into a compliance agreement under paragraph 73.13(2)(b), the agreement shall

  • (a) identify the violation and provide that the person or entity will comply with the provision to which the violation relates within the period, and be subject to the terms and conditions, specified in the agreement; and

  • (b) set out the amount that the person or entity will have to pay as the reduced penalty for the violation if the compliance agreement is entered into.

• Marginal note:Refusal to enter into agreement

  (2) The person or entity shall enter into the compliance agreement and pay the reduced penalty within 10 days after receiving the notice of violation and, if it does not do so, the person or entity is deemed to have refused to enter into the agreement, and the full penalty proposed in the notice of violation and section 73.15 apply.

• Marginal note:Extension of period

  (3) The Centre may extend the period referred to in paragraph (1)(a) if the Centre is satisfied that the person or entity with which the compliance agreement was entered into is unable to comply with it within that period for reasons beyond their control.