Section 14Part 0 —
Directions for compliance
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Without prejudice to any prosecution that might be brought under this Law, where a report under section 12(1) discloses particulars of —
non-compliance by an account provider with any provision of this Law; or
a material defect referred to in section 12(1)(b),
the Monetary Authority may, as soon as practicable after receiving the report, give, by notice in writing, directions to the account provider aimed at ensuring compliance or rectification of the material defect, as the case may be, subject to any terms and conditions that the Monetary Authority may specify in the directions.
An account provider that fails to comply with a direction given under subsection (1) commits an offence and is liable on summary conviction to a fine of twenty thousand dollars.
It is a defence to a prosecution under subsection (2) for the account provider to prove that a direction given under subsection (1) was unreasonable having regard to —
the scope and terms of the provision of this Law that, in the opinion of the inspector, the account provider has breached; or
the nature and consequences of the alleged material defect.
Cross References
- Section 12 of Dormant Accounts Law
Reference to section 12(1) for report