Revised Laws of Saint Lucia (2021)

28.   Annual audit, report and publication of financial statements

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   (1)   A designated funds transfer system or designated settlement system operator shall appoint annually an auditor satisfactory to the Central Bank whose duties shall—

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      (a)     be to examine the books and records and to make a report on the annual financial statements and financial position, and in every such report the auditor shall state whether in the auditor's opinion, the balance sheet and profit and loss account give a true and fair view of the state of affairs of the funds transfer system or settlement system and of its results for the period of the audit; and

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      (b)     include all or any of the following duties as may from time to time be imposed on the auditor by the operator of the designated funds transfer system or designated settlement system at the request of the Central Bank—

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         (i)     to submit such additional information in relation to the audit of the funds transfer system or settlement system as the Central Bank considers necessary,

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         (ii)     to carry out any other examination or establish any procedure in any particular case,

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         (iii)     to submit a report on any of the matters referred to in subparagraphs (i) and (ii),

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         (iv)     to submit a report on the financial and accounting systems and risk management controls of the funds transfer system or settlement system,

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         (v)     to certify whether suitable measures to counter money laundering and to combat the financing of terrorism have been adopted by the funds transfer system or settlement system and are being implemented in accordance with this Act.

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   (2)   An operator of a funds transfer system or settlement system shall remunerate the auditor in respect of the discharge by the auditor of all or any of the duties set out in subsection (1).

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   (3)   Where in the course of the performance of his or her duties an auditor is satisfied that—

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      (a)     there has been a serious breach of or non-compliance with the provisions of this Act or any regulations, notice, order, guidelines or directions issued under the Act; or

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      (b)     there is evidence that a criminal offence involving fraud or other dishonesty may have been committed,

the auditor shall immediately report the matter to the operator of a funds transfer system or settlement system and the Central Bank.

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   (4)   The Central Bank may request copies of reports submitted to the operator of a funds transfer system or settlement system by both its internal and external auditors.

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   (5)   An auditor appointed under this section shall simultaneously with its report to an investigative, regulatory or other institution on a funds transfer system or settlement system, report to the Central Bank any matter it is required to report to such institution.

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   (6)   An operator of a funds transfer system or settlement system who fails to secure compliance with a request under subsection(1)(b) commits an offence and is liable on summary conviction to a fine not exceeding $50,000.

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   (7)   If an operator fails to appoint an auditor satisfactory to the Central Bank, the Central Bank may appoint an auditor for such funds transfer system or settlement system and the remuneration of the auditor so appointed shall be determined by the Central Bank and paid by the operator of a funds transfer system or settlement system.

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   (8)   The Central Bank may appoint an auditor to conduct an independent audit of a funds transfer system or settlement system, in accordance with the instructions of the Central Bank, and to report the findings or results to the Central Bank.

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   (9)   An auditor appointed under subsection (1) or (8) is not liable for breach of any duty solely by reason of compliance with the provisions of subsection (1), (3) or (5), of this section or any other request for information by the Central Bank.

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   (10)   For the purposes of this section—

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      (a)     A person having an interest in any funds transfer system or settlement system otherwise than as a depositor or director, manager, secretary, employee or agent of a funds transfer system or settlement system is not eligible for appointment as auditor for such funds transfer system or settlement system.

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      (b)     A person appointed as auditor who, after an appointment, acquire any interest in a funds transfer system or settlement system otherwise than as a depositor, or becomes a director, manager, secretary, employee or agent of such funds transfer system or settlement system, shall immediately cease to be such auditor.

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      (c)     A person who contravenes subsection (9) commits an offence and is liable on summary conviction to a fine not exceeding $100,000 or to imprisonment for a term not exceeding 4 years.