Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions)
Ordinance
22. Procedural requirements in respect of exercise of powers under section 21
(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—
- (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.
23. Guidelines on how relevant authorities exercise power to impose pecuniary penalty
(1) A relevant authority must, before it first exercises its power to impose a pecuniary penalty referred to in section 21(2)(c), publish in the Gazette and in any other manner that it considers appropriate, guidelines to indicate the manner in which it proposes to exercise that power.
