Proceeds of Crime (Money Laundering) and Terrorist Financing Act

Marginal note:Compliance order violation

• 73.18 (1) The contravention of a compliance order made under section 73.17 is a compliance order violation and the person or entity that commits the compliance order violation is liable to a penalty determined in accordance with subsection (2).

• Marginal note:Penalty

  (2) The amount of a penalty for a compliance order violation shall, in each case, be determined in accordance with section 73.11 and shall not exceed

  • (a) in the case of a person, the greater of $5,000,000 and 3% of the person’s gross global income in the year before the one in which the penalty is imposed; and

  • (b) in the case of an entity, the greater of $30,000,000 and 3% of the entity’s gross global revenue in its financial year before the one in which the penalty is imposed.

• Marginal note:Gross global revenue — affiliated entities

  (3) If an entity is part of a group of entities that are affiliated, within the meaning of subsection 9.8(2), then, for the purpose of determining the maximum penalty applicable to the entity under paragraph (2)(b), the entity’s gross global revenue is deemed to be the gross global revenue of the group for the financial year before the one in which the penalty is imposed.