Proceeds of Crime (Money Laundering) and Terrorist Financing Act

Marginal note:Compliance order

• 73.17 (1) If a person or entity refuses to enter into a compliance agreement or fails to comply with such an agreement before the deadline referred to in paragraph 73.16(2)(b), the Director of the Centre shall, as soon as feasible after the refusal or the deadline, as the case may be, make a compliance order and cause it to be served on the person or entity.

• Marginal note:Mandatory content

  (2) The compliance order shall identify the name of the person or entity that committed the prescribed violation and the provision to which the violation relates, specify that the person or entity refused to enter into a compliance agreement or that they failed to comply with one, as the case may be, and include the following terms:

  • (a) a requirement that the person or entity comply with the provision;

  • (b) a requirement that the person or entity make public the measures taken or to be taken by the person or entity to comply with the provision; and

  • (c) the deadline for complying with the order.

• Marginal note:Reasons

  (3) The Director may include in the order the reasons for making it, including the relevant facts, analysis and considerations that formed part of the decision.

• Marginal note:Publication of compliance order

  (4) As soon as feasible after making the compliance order, the Director shall make it public.

• Marginal note:Extension of deadline for compliance

  (5) The Director may amend the order by extending the deadline referred to in paragraph (2)(c) by a maximum period of one year if the Director is satisfied that the person or entity is making substantial progress in meeting the terms of the order, such that an extension would encourage compliance with this Act.