(1) A person shall not carry on banking business or hold himself or herself out as carrying on banking business in the Currency Union without a licence granted by the Central Bank.
(2) A financial institution which, at the commencement of this Act, holds a valid licence under this Act to carry on banking business in Saint Lucia shall be deemed to have been granted a licence under section 8.
(3) Notwithstanding the provisions of subsection (2), the Central Bank shall, within a set period of the commencement of this Act, as the Central Bank may determine, issue to a financial institution a new licence certificate under this Act.
(4) Any person intending to carry on banking business in the Currency Union shall, before commencing such business, apply for a licence under section 7.
(5) Any person who contravenes the provisions of subsection (1) commits an offence and is liable on summary conviction —
(a) in the case of a financial institution, to a fine of $1,000,000, and in the case of a continuing offence, to a further penalty of $100,000 for each day on which the offence is continued after conviction;
(b) in the case of a director or a officer, to a fine of $500,000 or to imprisonment for a term not exceeding 3 years or to both such fine and imprisonment and in the case of a continuing offence, to a further penalty of $100,000 for each day on which the offence is continued after conviction.