Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions)
Ordinance
(6) If a financial institution, with intent to defraud any relevant authority, contravenes a specified provision, the financial institution commits an offence and is liable—
- (a) on conviction on indictment to a fine of $1,000,000 and to imprisonment for 7 years; or
- (b) on summary conviction to a fine of $500,000 and to imprisonment for 1 year.
(7) If a person who is an employee of a financial institution or is employed to work for a financial institution or is concerned in the management of a financial institution knowingly causes or knowingly permits the financial institution to contravene a specified provision, the person commits an offence and is liable—
- (a) on conviction on indictment to a fine of $1,000,000 and to imprisonment for 2 years; or
- (b) on summary conviction to a fine at level 6 and to imprisonment for 6 months.
(8) If a person who is an employee of a financial institution or is employed to work for a financial institution or is concerned in the management of a financial institution, with intent to defraud the financial institution or any relevant authority, causes or permits the financial institution to contravene a specified provision, the person commits an offence and is liable—
- (a) on conviction on indictment to a fine of $1,000,000 and to imprisonment for 7 years; or
- (b) on summary conviction to a fine of $500,000 and to imprisonment for 1 year.
(9) In any proceedings for an offence under subsection (7) against a person who is an employee of a financial institution or is employed to work for a financial institution, it is a defence for the person to prove that he or she acted in accordance with the policies and procedures
