Central Bank’s responsibility for supervision

(1) The Central Bank shall be responsible for the supervision of licensees and financial holding companies including, without limitation, monitoring and enforcing compliance by licensees and financial holding companies with this Act, the regulations and any practice direction made under this Act and the Money Laundering and Terrorism (Prevention) Act and any regulations or guidelines made under that Act. CAP. 104. (2) Where reasonably required for the discharge of its responsibilities under this or any other Act, the Central Bank may, by notice in writing given to a person specified in sub- section (4), require that person to140 (a) provide specified information or information of a specified description; or (b) produce specified documents or documents of a specified description; and any information or documents required shall be provided or produced within such period and in such manner as the Central Bank may specify. (3) Without limiting the generality of sub-section (2), the Central Bank, any authorized officer, employee or agent of the Central Bank and any examiner appointed under section 80 or section 82 in the performance of the supervisory duties under this Part, shall be entitled at all reasonable times– (a) to have access to all books, records and documents in the possession or control of any director, manager, officer or employee of any licensee or financial holding company; (b) to have access to any and all data or information held, stored or transmitted by computer-based or electronic means; and (c) to require any director, manager, officer, auditor or employee of any licensee or financial holding company to furnish such information or to produce such books, records or documents as are in his possession or control that relate to the operations of the licensee and that may be reasonably required for the performance of those duties within such time as the Central Bank may prescribe. (4) A notice under sub-section (2) may be given to141 (a) a licensee, financial holding company, subsidiary or members of the financial group; (b) a person who the Central Bank reasonably believes to be carrying on, or to have at any time carried on, banking business or financial business without a license; (c) a person connected with a person specified in paragraph (a) or (b); and (d) in the case where the production of documents is required, any person who the Central Bank reasonably believes is in possession, or has control, of the documents. (5) Any person, including any director, officer or employee of any person referred to in sub-section (4), who contravenes the requirements of sub-sections (2), or who obstructs or impedes the performance by any examiner or officer appointed by the Central Bank under sub-section (3) commits an offence and is liable on summary conviction to a fine not exceeding one hundred thousand dollars and a penalty of ten thousand dollars for each day that the contravention continues.