(1) The Authority shall ensure the proper administration of this Act.
(2) Without limiting the generality of subsection (1) the Authority shall—
(a) maintain a general review of money services business practice in Saint Lucia;
(b) whenever the Authority thinks fit, examine the affairs or business of any licensee carrying on business within Saint Lucia for the purpose of satisfying itself that this Act has been or is being complied with and that the licensee is in a sound financial position and is managing the business of the licensee in a prudent manner;
(c) assist in the investigation of any offence against the laws in force in Saint Lucia which the Authority has reasonable grounds to believe has or may have been committed by a licensee or by any of the directors or officers of the licensee;
(d) examine—
(i) returns furnished to the Authority under section 19, and
(ii) audited financial statements forwarded to it under section 16, and report on the audited financial statements to the Minister whenever it thinks fit;
(e) require or perform consolidated supervision of affiliates whenever the Authority thinks fit; and
(ƒ) cooperate with and facilitate the Central Bank in consolidated supervision of designated licensees.
(3) In the performance of the Authority's functions under this Act the Authority is entitled at all reasonable times to—
(a) have access to the premises, books, records, vouchers, documents, cash and securities of any licensee;
(b) remove and make copies of any books, records, vouchers and documents found on the premises of a licensee;
(c) request the information, matter or thing from any person who it has reasonable grounds to believe is carrying on money services business in contravention of section 4(1); and
(d) call upon the manager of the licensee or any similar person, or an officer designated by either of them, for any information or explanation, the Authority may require for the purpose of enabling the Authority to perform its functions under this Act.
(4) Information requested under subsection (3)(c) shall be provided by the licensee in such form as the Authority may require.
(5) A person who fails to comply with a requirement by the Authority under subsection (3) commits an offence and is liable on summary conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both.