(1) A director of a local licensed financial institution who knows or ought reasonably to know of a transfer made in violation of this Part and who fails to disclose it to the Central Bank commits an offence and is liable on summary conviction to a fine not exceeding $2,000 or to imprisonment for a term not exceeding 3 months.
(2) Any person who knowingly acquires an interest in violation of this Part commits an offence and is liable on summary conviction to a fine not exceeding $5,000 or to imprisonment for a term not exceeding 6 months.