Chapter:	615	Title:	Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance	Gazette Number:	15 of 2011
Section:	22	Heading:	Procedural requirements in respect of exercise of powers under section 21	Version Date:	01/04/2012

(1) A relevant authority may only exercise its powers under section 21 in respect of a financial institution after giving the financial institution a reasonable opportunity to be heard.
(2) If a relevant authority exercises a power under section 21 in respect of a financial institution, the relevant authority must inform the financial institution of its decision by notice in writing.
(3) A notice under subsection (2) must include¡X

(a) a statement of the reasons for the decision;
(b) in so far as applicable, the terms in which the financial institution is reprimanded under the decision;
(c) in so far as applicable, the action that the financial institution is required to take under the decision;
(d) in so far as applicable, the amount of any pecuniary penalty imposed under the decision and, if the penalty is to be paid within a period other than that specified in section 21(3)(a), the period within which it is required to be paid; and
(e) a statement that the financial institution may apply to the Review Tribunal for a review of the decision.