s.12Report to Monetary Authority
12
Section 12Part 0 —

Report to Monetary Authority

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Where, following an inspection under section 11, the inspector is of the opinion that —
there is reason to believe that an account provider is in breach of any provision of this Law; or
there is a material defect in the systems, procedures and practices referred to in section 10(1)(b),
the inspector shall prepare a report, in writing, and submit a copy of the report to the Monetary Authority.
Subject to subsection (3), a dormant account holder shall not be referred to in a report under subsection (1), otherwise than for the purposes of subsection (3), by name or in any manner by which the dormant account holder could be identified as a dormant account holder.
An inspector who, in the course of an inspection, obtains prima facie evidence of —
a possible underpayment or non-transfer of monies from a dormant account to the Government under section 7; or
a fraudulent claim for repayment under section 9,
shall submit to the Monetary Authority particulars of the evidence and of the dormant account and dormant account holder concerned.
An inspector shall provide to the Monetary Authority any information and assistance that may reasonably be required by the Monetary Authority in respect of any matters relating to an inspection carried out under section 11 or for the purpose of clarifying any matter in the report under subsection (1).

Cross References