Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions)
Ordinance
Part 4
A723
Section 21
Ord. No. 15 of 2011
Part 4
Disciplinary Actions by Relevant Authorities
21. 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 are—
- (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 of—
- (i) $10,000,000; 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 within—
- (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.