Regulatory Alerts2011-08-15 | 24066Added · Updated
The Financial Institutions Order, 2011
This Order prescribes the specific form of notice required under section 122 of the Financial Institutions Act, 2008, for alleged offences. The notice informs the alleged offender that the Central Bank of Trinidad and Tobago has reasonable cause to believe an offence has been committed and outlines the fixed penalty and imprisonment terms. To avoid criminal proceedings, the offender must pay the administrative fine to the Comptroller of Accounts, submit proof of payment, discontinue the offence, and provide proof of discontinuance within twenty-one days of service. Failure to comply within this period results in the Central Bank proceeding to have the complaint heard by the Magistrate’s Court.
Topics
Share