Measures to ensure compliance

(1) If the competent authority determines that an entity has failed to meet the substantial economic presence requirement based on information received pursuant to an inspection under section 13, that entity shall have a period of ninety days to comply with the substantial economic presence requirements of this Act and satisfy the competent authority of its compliance. (2) If the entity fails to comply with sub-section (1), that entity may be directed by the competent authority to conduct a formal audit at the expense of the entity. (3) If an entity does not commence an audit within sixty days, the entity commits a violation and may be subject to an administrative penalty of one hundred and fifty thousand dollars. (4) If an audit reveals deficiencies, the competent authority shall within thirty days, issue a notice of noncompliance to the entity stating the areas where remedial measures are required and a deadline of not more than thirty days for compliance. (5) If the entity fails to comply with sub-section (4), the entity commits a violation and may be subject to– (a) a suspension or revocation of licence; (b) an administrative penalty of three hundred thousand dollars; (c) strike off from the Register of International Business Companies.