Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance
15 of 2011
Relevant authorities may take disciplinary actions
(1) Subject to sections 22 and 23, if a financial institution contravenes a specified provision as defined by section 5(11), the relevant authority may exercise any one or more of the powers specified in subsection (2).
(2) The specified powers areˇX
(a) to publicly reprimand the financial institution;
(b) to order the financial institution to take, by a date specified by the relevant authority, any action specified by the relevant authority for the purpose of remedying the contravention; and
(c) to order the financial institution to pay a pecuniary penalty not exceeding the amount that is the greater ofˇX
(i) $10000000; or
(ii) 3 times the amount of the profit gained, or costs avoided, by the financial institution as a result of the contravention.
(3) A financial institution that is ordered to pay a pecuniary penalty under this section must pay the penalty to the relevant authority withinˇX
(a) 30 days; or
(b) any longer period that the relevant authority may specify by notice under section 22(2),
after the order has taken effect as a specified decision under section 75.
(4) If a financial institution fails to comply with an order to take remedial action made under subsection (1), the relevant authority may further order the financial institution to pay a daily pecuniary penalty not exceeding $100000 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 a relevant authority 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 relevant authority 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) A relevant authority must pay into the general revenue any pecuniary penalty received by it under an order made under this section.
(8) If a relevant authority has exercised a power under subsection (1) in respect of a financial institution, the relevant authority may disclose to the public details of its decision, the reasons for which the decision was made, and any material facts relating to the case.
(9) The powers specified in subsections (2)(c) and (4) are not exercisable in relation to the Government.