Proceeds of Crime (Money Laundering) and Terrorist Financing Act

Marginal note:Compliance agreement not complied with

• 73.18 (1) If the Centre considers that a compliance agreement has not been complied with, the Centre may issue and serve a notice of default on the person or entity to the effect that the person or entity is liable to pay the remainder of the penalty set out in the notice of violation and a prescribed additional penalty.

• Marginal note:Contents of notice

  (2) A notice of default shall include the date, which shall be 30 days after the day on which the notice is served, on or before which an application for review may be filed and particulars of how the application may be filed.

• Marginal note:No set-off or compensation

  (3) On the service of a notice of default, the person or entity served has no right of set-off or compensation against any amount that they spent under the compliance agreement.