s.23Regulation by Monetary Authority
23
Section 23Part 5 — Regulation by Monetary Authority

Regulation by Monetary Authority

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The Bank shall be regulated by the Monetary Authority as provided in this Law.
The Bank shall at all times, as may be specified by the Authority, furnish to the Authority such returns in respect of such of its business as the Authority may specify in writing and in such form as the Authority may reasonably require.
Within three months of the end of the financial year of the Bank, the Bank shall forward to the Authority an auditor’s certificate of the existence of adequate procedures to ensure compliance with the Anti-Money Laundering Regulations (2018 Revision) and any Code of Practice which may be issued under sections 113 or 180 of the Proceeds of Crime Law (2018 Revision).
The Authority may summon the auditor or any former auditor of the Bank for the purpose of making enquiries into the operations and financial position of the Bank.
Where an auditor is summoned under subsection (4), the Authority shall, in writing, notify the Bank, which shall have the right to attend any meeting held by the Authority with the auditor.
Whenever the Authority thinks fit, it shall examine the affairs or business of the Bank for the purpose of satisfying itself that this Law has been or is being complied with, and that the Bank is in a sound financial position and is carrying on its business in a satisfactory manner.
The Authority shall assist in the investigation of any offence against the laws of the Islands which the Authority has reasonable grounds to believe has or may have been committed by the Bank or by any of its directors or officers in their capacity as such.
In the performance of its functions under this Law and subject to the Monetary Authority Law (2018 Revision), the Authority is entitled at all reasonable times —
to have access to such books, records, vouchers, documents, cash and securities of the Bank; and
to request such information, matter or thing from any director or officer of the Bank or any similar person, for such information or explanation as the Authority may reasonably require for the purpose of enabling it to perform its functions under this Law,
and such information shall be provided in such form as the Authority may reasonably require.
If it appears to the Authority that there is reasonable ground for suspecting that an offence against this Law has been or is being committed by the Bank or any director or officer of the Bank, the Authority may, with the approval of the court, take such action as it considers necessary, in the interest of the customers of the Bank to preserve any assets held by the Bank.
Whoever fails to comply with any requirement under subsection (8) by the Authority is guilty of an offence and liable on summary conviction to a fine of five thousand dollars and to imprisonment for six months.

Cross References