Section 92 — Offences by officers

(1)An officer of a relevant entity, whose duty is or includes ensuring that the relevant entity complies with a provision of this Act, who fails to take all reasonable steps to secure such compliance, shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both.

(2)An officer of a relevant entity, whose duty is or includes submitting information to the Authority or any other person under this Act, who fails to take all reasonable steps to ensure the accuracy and correctness of any information so submitted, shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both.

(3)In any proceedings against an officer under subsection (1) or (2), it is a defence for the officer to prove that he or she had reasonable grounds for believing that —

(a)another individual was charged with the duty of —

(i)securing compliance with the requirements of this Act; or

(ii)ensuring that the information submitted was accurate, as the case may be; and

(b)that individual was competent, and in a position, to discharge that duty.

(4)An officer is not to be sentenced to imprisonment for any offence under subsection (1) or (2) unless, in the opinion of the court, the officer committed the offence wilfully.

(5)In this section, “relevant entity” means an entity that is —

(a)a licensee; or

(b)an operator, a settlement institution, or a participant, of a payment system.