September 13, 2016
The suggested amendments to the Monetary Authority Law aim to give the financial services regulator the power to impose administrative fines for breaches of regulatory laws and anti-money laundering and terrorism financing regulations.
The fines are intended as an independent civil penalty. Criminal sanctions could come in addition to the monetary forfeit, if a breach is deemed an offense. The bill distinguishes between minor, serious and very serious breaches. Minor breaches carry the penalty of one or more continuing fines of $5,000 up to $20,000 until the breach is stopped.
For “serious” and “very serious” breaches of laws and regulations, CIMA would have the discretion to impose respective fines up to $50,000 and up to $100,000 for individuals and up to $100,000 and up to $1 million for corporate entities.