Inspection of records

(1) The Central Bank shall have the power to examine every licensee as often as the Central Bank deems necessary. The Central Bank also shall have that power to conduct an examination of any holding company or affiliate of the licensee but only in so far as shall be necessary to examine the business, managerial and financial relationships between each licensee and its affiliates and the effect of such relationships on the financial condition and operations of the licensee. (2) The Central Bank shall also have the authority to obtain particulars of the names and addresses of the ultimate beneficial owners of a licensee in cases where the shareholders of record are corporations, trusts or other legal entities or organisations, or where the Central Bank has reason to believe that the shareholders of record are acting as nominees for or under the direction of any other person, notwithstanding anything to the contrary contained in any other law. (3) The Central Bank may appoint examiners to carry out the performance of its functions under this section. An examiner making the examination of a licensee under sub-section (1) shall have the power to require the production of any books, records, accounts, writings and documents of any kind, as well as any data or information held, stored or transmitted by electronic means. (4) The Central Bank may assess any licensee it examines under this section such fees and costs as may be necessary to defray the cost of examination; provided that, such fees and costs are determined on a fair and equitable basis taking into account the amount of assets and deposits, and the activities of the licensee being examined, and do not unreasonably discriminate between licensees of a similar character or among classes of similar licensees. (5) Every licensee, holding company or affiliate of a licensee and every officer or agent of a licensee, its holding company or affiliate shall produce for the examination of any examiner appointed by the Central Bank such books, records, 47 accounts, writings and documents of any kind, and supply the examiner with such other oral information as may be required by such examiner in the performance of the functions specified in sub-sections (1) and (3). (6) Any licensee, holding company or affiliate of a licensee or any employee of such licensee, who contravenes the requirements of sub-section (5), or who obstructs or impedes the performance by any examiner or officer appointed by the Central Bank of the duties specified in sub-section (1) and (3), shall be guilty of an offence and shall be liable on summary conviction thereof to a fine not exceeding fifty thousand dollars or to imprisonment for a term not exceeding one year, or to both such fine and imprisonment.