Page:Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance (Cap. 615).pdf/37

Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions)
Ordinance

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Part 4
Disciplinary Actions by Relevant Authorities

21. Relevant authorities may take disciplinary actions

(1) Subject to sections 22 and 23, if a financial institution contravenes a specified provision as defined by section 5(11), the relevant authority may exercise any one or more of the powers specified in subsection (2).

(2) The specified powers are—

(a) to publicly reprimand the financial institution;

(b) to order the financial institution to take, by a date specified by the relevant authority, any action specified by the relevant authority for the purpose of remedying the contravention; and

(c) to order the financial institution to pay a pecuniary penalty not exceeding the amount that is the greater of—

(i) $10,000,000; or

(ii) 3 times the amount of the profit gained, or costs avoided, by the financial institution as a result of the contravention.

(3) A financial institution that is ordered to pay a pecuniary penalty under this section must pay the penalty to the relevant authority within—

(a) 30 days; or

(b) any longer period that the relevant authority may specify by notice under section 22(2),

after the order has taken effect as a specified decision under section 75.