Infringements, administrative measures and penalties

(1) A person who– (a) contravenes a of this Act, regulations or guidelines made thereunder; or (b) breaches a term or condition of a licence or authorization issued under this Act, 39 commits an infringement if that contravention does not constitute an offence under section 54 or any other provision of this Act. (2) The Central Bank may take one or more of the following administrative measures in respect of a person, including, but not limited to an operator, participant, payment service provider, its officer, manager or employee thereof, who commits an infringement, namely– (a) issue a written warning; (b) issue a written order to cease and desist from an infringement and to undertake remedial action; (c) issue a written order to perform the acts as are necessary for compliance; (d) impose a fine not exceeding two thousand dollars for each day that the infringement continues; (e) impose a restriction on participation or provision of a payment service; (e) suspend an officer or manager temporarily; and (f) suspend or revoke the licence or authorization. (3) In determining an administrative measure to be taken, the Central Bank shall consider– (a) the seriousness of the infringement; (b) the actual or potential effect of the infringement on systemic risk; 40 (c) the stage at which the infringement was detected; (d) whether the infringement was voluntarily reported by the person who committed the infringement; and (e) the measure that is appropriate to remedy or terminate the infringement. (4) A person who fails to comply with an order issued, pay a fine imposed or otherwise comply with administrative measures taken by the Central Bank in accordance with this section commits an offence and is liable on summary conviction in accordance with section 54.