Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions)
Ordinance
Part 5—Division 3
A771
Section 43
Ord. No. 15 of 2011
Division 3
Commissioner’s Disciplinary and Other Powers
43. 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—
- (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—
- (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 $1,000,000.
(3) A licensee who is ordered to pay a pecuniary penalty under this section must pay the penalty within—
- (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.
