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25.   Central Bank examination of books of an operator

Revised Laws of Saint Lucia (2021)

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25.   Central Bank examination of books of an operator

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    (1)   The Central Bank shall examine or cause an examination to be made of each designated funds transfer system and designated settlement system from time to time or whenever in the judgment of the Central Bank such examination is necessary or expedient in order to determine that such funds transfer system or settlement system is in a sound financial condition and that the requirements of this Act have been complied with in the conduct of its business.

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    (2)   The operator of a designated funds transfer system or designated settlement system shall produce for the inspection of any examiner appointed by the Central Bank at such time as the examiner specifies, all books, minutes, accounts, cash, instruments, securities, documents and vouchers relating to its business as requested by the examiner for the purpose of this Act.

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    (3)   If any books, minutes, accounts, cash, instruments, securities, documents and vouchers are not provided or information is not supplied in accordance with subsection (2), the defaulting operator designated funds transfer system or a designated settlement system commits an offence and is liable on summary conviction to a fine not exceeding $50,000.

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    (4)   Where a designated funds transfer system or a designated settlement system knowingly supplies information or produces any item under subsection (2) which is false in any material particular, the operator commits an offence and is liable on summary conviction to a fine not exceeding $50,000.

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    (5)   The Central Bank may assess a designated funds transfer system or designated settlement system for the reasonable expenses of conducting an examination under this section.

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