Revised Central Bank-AMLA Guidelines - Anti-Money Laundering ...

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AML/CFT GUIDELINEISSUED BY THECENTRAL BANK OF BARBADOSIN CONJUNCTION WITH THE ANTI-MONEY LAUNDERING AUTHORITYMAY 2011Summary of Administrative SanctionsAppendix 3(b)Description of OffenceFailure to meet fitness andpropriety standardsFailure to comply with orcontravene a guideline issued inaccordance with section 26;Failure to comply with adirective given in accordancewith section 33The financial institution isotherwise contravening the Act.Sanctions Enforceable by the Anti-MoneyLaundering Authority or RegulatoryAuthorityAny of the following:Issue a warning or reprimand to the financialinstitution,Give such directives as deemed appropriate,Impose on the financial institution, inaccordance with section 36, a pecuniarypenalty*, orRecommend, in accordance with section 35:(i) Suspension of any or all of theactivities that the financialinstitution may otherwise conductpursuant to the licence of the financialinstitution; or(ii) Suspension or revocation of thelicence of the financial institution.*Pecuniary Penalties Enforceable by theAnti-Money Laundering Authority orRegulatory Authority:Where the Authority is satisfied as to any of thecircumstances referred to in section 34(1) inrespect of a financial institution, the Authoritymay, by written notice, impose on the financialinstitution, a pecuniary penalty not exceeding$5 000.Where by this Act or a guideline made ordirective given under this Act a financialinstitution is required, by a specified time, totake a certain measure or action or cease aparticular activity, behaviour or practice and theAuthority is satisfied that the financial institutionhas failed to do so, the Authority may imposeon the institution, in addition to the penaltyspecified in subsection (1), an additionalSection ofLegislationSection 34 ofthe MLFTASection 36 ofthe MLFTAAnti-Money Laundering/Combating Terrorist Financing Guideline May 2011 38Bank Supervision DepartmentCENTRAL BANK OF BARBADOS
AML/CFT GUIDELINEISSUED BY THECENTRAL BANK OF BARBADOSIN CONJUNCTION WITH THE ANTI-MONEY LAUNDERING AUTHORITYMAY 2011penalty of $500 for every day or part of a daythat the institution failed to take the measure oraction or cease the particular activity, behaviouror practice.Anti-Money Laundering/Combating Terrorist Financing Guideline May 2011 39Bank Supervision DepartmentCENTRAL BANK OF BARBADOS
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Revised Central Bank-AMLA Guidelines - Anti-Money Laundering ...

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