(1) Without limiting the powers of the Central Bank under section 75(2) of the Banking Act, in carrying out the supervisory responsibility under section 14B, the Central Bank has the power to —
(a) give a direction;
(b) issue a warning;
(c) conclude a written agreement; or
(d) give an order.
(2) The Central Bank may exercise a power under subsection (1) —
(a) where a licensed financial institution fails to comply with the sections specified in Part A of Schedule 3; or
(b) where the Central Bank is satisfied that —
(i) a director, manager, senior officer or an individual who manages or controls the licensed financial institution is not a fit and proper person for preventing money laundering, terrorist financing or other criminal conduct in a licensed financial institution,
(ii) a licensed financial institution has failed to comply with the prudential standards issued under section 14D, or
(iii) a licensed financial institution has failed to comply with or is failing to comply with this Act.
(3) A direction, warning, written agreement or an order under subsection (1) must specify the activity, behaviour or practice that must be terminated or remedied and the date by which it must be terminated or remedied.
(4) The Central Bank shall, notify the Authority, in writing within seventy-two hours of exercising a power under subsection (1).
(Inserted by Act 16 of 2021)