Sanctions by supervisory authorities

(1) Where a supervisory authority or the competent authority discovers a breach of any AML/CFT obligation by a reporting entity, the supervisory authority or the competent authority may impose one or more of the following measures after giving the reporting entity a reasonable opportunity to make representations or another person to make representations on behalf of the reporting entity– (a) written warnings; (b) issue a directive to comply with specific instructions; (c) ordering regular reports from the reporting entity on the measures it is taking; 7of 2014. (d) impose, in such manner as may be prescribed, an administrative penalty in an amount not exceeding five hundred thousand dollars; (e) barring convicted individuals from employment within the sector; (f) replacing or restricting the powers of managers, directors or controlling owners, including the appointing of ad hoc administrator; (g) recommending to the appropriate licensing authority of the reporting entity that the reporting entity’s licence be suspended, restricted or withdrawn; or (h) such other measure as may be prescribed. (2) The supervisory authority shall inform the Financial Intelligence Unit as to any measure imposed and may order the publication of its decision. (3) Any supervisory authority or, in the case of a licensed or regulated reporting entity, the relevant regulatory authority that discovers facts likely to constitute indication of money laundering or financing of terrorism shall so inform the Financial Intelligence Unit without delay. 82[CAP. 104 Money Laundering and Terrorism (Prevention)