Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance
15 of 2011
Commissioner may take disciplinary actions
(1) Subject to sections 44 and 45, the Commissioner may exercise any one or more of the powers specified in subsection (2) if a licensee°X
(a) contravenes any regulation made under section 51;
(b) contravenes any of the conditions of the licensee°¶s licence; or
(c) contravenes section 35(1), 36(1), 37(1), 38(1), 39(1), 40(1) or 41(1).
(2) The specified powers are°X
(a) to publicly reprimand the licensee;
(b) to order the licensee to take, by a date specified by the Commissioner, any action specified by the Commissioner for the purpose of remedying the contravention; and
(c) to order the licensee to pay a pecuniary penalty not exceeding $1000000.
(3) A licensee who is ordered to pay a pecuniary penalty under this section must pay the penalty within°X
(a) 30 days; or
(b) any longer period that the Commissioner may specify by notice under section 44(2),
after the order has taken effect as a specified decision under section 75.
(4) If a licensee fails to comply with an order to take remedial action made under subsection (1), the Commissioner may further order the licensee to pay a daily pecuniary penalty not exceeding $10000 for each day on which the failure continues after the date specified in the order as being the date by which the remedial action must be taken.
(5) The Court of First Instance may, on an application of the Commissioner made in the manner specified in subsection (6), register an order to pay a pecuniary penalty made under subsection (1) or (4) in the Court of First Instance and the order is, on registration, to be regarded for all purposes as an order of the Court of First Instance made within the civil jurisdiction of the Court of First Instance for the payment of money.
(6) For the purpose of making an application under subsection (5), the Commissioner must produce to the Registrar of the High Court a notice in writing requesting that the order be registered, together with the original and a copy of the order.
(7) If the Commissioner has exercised his or her powers under subsection (1) in respect of a licensee, the Commissioner may disclose to the public details of the decision, the reasons for which the decision was made, and any material facts relating to the case.