Revised Laws of Saint Lucia (2021)

74.   Disclosure and access to books and records by Central Bank Examiner for examination

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    (1)   A person who is authorised by the Central Bank to examine, investigate or for any other purpose shall —

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      (a)     have full access to the premises of a licensed financial institution under examination or investigation; and

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      (b)     have a right to call upon —

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        (i)     any director, officer or any other employee of a licensed financial institution,

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        (ii)     an affiliate, any external auditor, or any person to which the licensed financial institution has outsourced any of its functions,

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        (iii)     or any other person with information regarding the licensed financial institution,

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           to furnish any information and explanation which that person may consider necessary.

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    (2)   A licensed financial institution or an affiliate shall produce for the inspection of any examiner appointed by the Central Bank at the time the examiner specifies all books, minutes, accounts, cash, securities, documents and vouchers relating to its business as requested by the examiner for the purposes of this Act.

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    (3)   If any books, minutes, accounts, cash, securities, documents and vouchers are not provided, information or explanation is not supplied in accordance with subsection (1), the defaulting person commits an offence and is liable on summary conviction to a fine not exceeding $25,000 and in the case of a continuing offence to a further penalty of $1,000 for each day on which the offence is continued after conviction.

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    (4)   If any information supplied or item produced is false in any material particular, the licensed financial institution or affiliate or both commits an offence and shall be liable on summary conviction to a fine not exceeding $50,000.