Compliance inspections

(1) In this section “relevant person” means– (a) a moneylender; (b) a former moneylender; or (c) an associate of a moneylender or of a former 42 (2) The Registrar may, for a purpose specified in sub-section (3)– (a) inspect the premises and the business, whether in or outside Belize, including the procedures, systems and controls, of a relevant person; (b) inspect the assets, including cash, belonging to or in the possession or control of a relevant (c) examine and make copies of documents belonging to or in the possession or control of a relevant person that, in the opinion of the Registrar, relate to the carrying on of moneylending business by the relevant person; and (d) seek information and explanations from the employees, agents and representatives of a relevant person, whether orally or in writing, and whether in preparation for, during or after a compliance inspection. (3) A compliance inspection may be undertaken for the following purposes– (a) the supervision of moneylending business, including monitoring and assessing a relevant person’s compliance with– (i) this Act, the regulations made under this Act and any other law related to moneylending business; and (ii) any guidelines or directive issued by the Registrar; and 43 (b) monitoring and assessing a relevant person’s compliance with AML/CFT obligations. (4) Subject to sub-section (5), the Registrar shall give reasonable notice to a relevant person of its intention to exercise its powers under sub-section (2). (5) Where it appears to the Registrar that the circumstances so justify, the Registrar may exercise its powers under sub- section (2) without giving notice of its intention to do so. (6) Subject to sub-section (7), the Registrar may, upon the request of a foreign regulatory authority, permit that authority to take part in a compliance inspection undertaken by the Registrar under this section. (7) In deciding whether to permit a foreign regulatory authority to take part in a compliance inspection under this section, the Registrar may take into account, in particular, whether, in its opinion– (a) the participation of the foreign regulatory authority– (i) is necessary for the effective supervision of the person to be subject to the compliance inspection or its subsidiary or holding company, and (ii) is not contrary to the public interest; and (b) the foreign regulatory authority is subject to adequate restrictions on further disclosure and that it will not, without the written permission of the Registrar– (i) disclose obtained or documents examined or obtained during the compliance inspection to any person other than an officer or employee of the authority engaged in prudential supervision, or (ii) take any action on information obtained or documents examined or obtained during the compliance inspection. (8) Subject to sub-section (5), a relevant person shall permit any employee of the Registrar or person appointed by the Registrar for the purpose to have access at any reasonable time to any of its business premises to enable that person to undertake a compliance inspection. (9) The Registrar may require a moneylender to contribute towards the costs of a compliance inspection. (10) The amount to be contributed under sub-section (9) shall be determined in such manner as may be prescribed.