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 Part 4 Section 21 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.