(1) A Reporting Saint Lucia Financial Institution who fails to make a return as and when required under this Act is liable to pay a penalty of five thousand dollars for such failure and a penalty of $2,000 for each month or part of the month that the failure continues.
(2) A Reporting Saint Lucia Financial Institution who makes a false statement or omission in respect of any information required to be included on a return, under this Act is liable to a penalty of $50,000 for each such failure, unless in the case of information required in respect of another person, a reasonable effort was made by the person to obtain the information from the other person.
(3) A Reporting Saint Lucia Financial Institution who does not comply with the requirement of the Competent Authority in the exercise or performance of the Competent Authority's functions powers or under this Act is liable to a penalty of $50,000 for each such failure.