Proceeds of Crime (Money Laundering) and Terrorist Financing Administrative Monetary Penalties Regulations (SOR/2007-292)

9 (1) For the purposes of section 73.28 of the Act, the prescribed rate of interest at any time in a particular quarter is the total of:

• (a) the rate that is the simple arithmetic mean, expressed as a percentage per year and rounded to the next higher whole percentage where the mean is not a whole percentage, of all amounts each of which is the average equivalent yield, expressed as a percentage per year, of Government of Canada Treasury Bills that mature approximately three months after their date of issue and that are sold at auctions of Government of Canada Treasury Bills during the first month of the quarter preceding the particular quarter; and

• (b) four per cent.

(2) The interest referred to in subsection (1) is calculated and compounded monthly.

(3) For the purposes of subsection (1) quarter means a period of three consecutive months ending on March 31, June 30, September 30 or December 31.