Information systems for credit exposure

(1) The board of directors of a licensee and a financial holding company shall establish and maintain documented information systems that identify and monitor the credit exposures referred to in sections 57 and 69(3), (4) and (5). (2) The board of directors of a licensee or a financial holding company that fails to comply with the requirements of sub- section (1) is liable to pay, on being called upon in writing to do so by the Central Bank, a sum not exceeding fifty thousand dollars and to a fine not exceeding ten thousand dollars for every day that the offence continues.