s 38I Non-compliance by accounting entity with AML/CFT/CPF requirements
38I.—(1) Where the Oversight Committee, after considering the Registrar’s report submitted under section 38G(2)(b), is satisfied that the accounting entity has not complied with any of the AML/CFT/CPF requirements, the Oversight Committee may —(a) make any of the following orders:(i) an order revoking the approval granted to the accounting entity as an accounting entity under Part 4; (ii) an order suspending the accounting entity from providing public accountancy services for a period not exceeding 12 months; (b) in lieu of an order in paragraph (a)(i) or (ii), or in addition to an order in paragraph (a)(ii), make one or more of the following orders:(i) an order restricting the provision of public accountancy services by the accounting entity in the manner that the Oversight Committee thinks fit for a period not exceeding 12 months; (ii) an order imposing on the accounting entity a penalty not exceeding $25,000 for each breach of the AML/CFT/CPF requirements;[Act 24 of 2025 wef 06/05/2026] (iii) an order censuring the accounting entity.[Act 24 of 2025 wef 06/05/2026] (2) Where the Oversight Committee has made an order under subsection (1)(b), the Oversight Committee may, having regard to any change in circumstances or for other good reason —(a) revoke the order and make any one or more different orders under subsection (1)(b); or (b) vary the order and make any one or more different orders under subsection (1)(b) in addition to that order. (3) Where the Oversight Committee is satisfied that an accounting entity has breached an order made under subsection (1)(b)(i), the Oversight Committee may make any of the following orders:(a) an order revoking the approval granted to the accounting entity as an accounting entity under Part 4; (b) an order suspending the accounting entity from providing public accountancy services for a period not exceeding 12 months. (4) Where the Oversight Committee makes an order to suspend the accounting entity from providing public accountancy services under subsection (3)(b), the Oversight Committee may also make one or more orders under subsection (1)(b)(i) or (iii). (5) Any penalty imposed by an order made under this section is recoverable as a debt due to the Authority from the accounting entity. (6) Without affecting subsection (5), where an accounting entity is ordered to pay a penalty under this section but fails to pay the penalty by the date the order takes effect under subsection (9), the Oversight Committee may, if it thinks fit, make an order to —(a) revoke the approval granted to the accounting entity as an accounting entity under Part 4; or (b) suspend the accounting entity from providing public accountancy services for a period not exceeding 12 months. (7) The Registrar must serve a copy of every order made under subsection (1), (2), (3), (4) or (6) on the accounting entity concerned. (8) The Oversight Committee must not make an order under this section to —(a) revoke the approval granted to an accounting entity as an accounting entity under Part 4; (b) suspend an accounting entity from providing public accountancy services (including any order under subsection (4)); or (c) impose on an accounting entity a penalty, unless the Oversight Committee has given the accounting entity an opportunity to show cause against the proposed order. (9) An order made by the Oversight Committee under this section to —(a) revoke the approval granted to an accounting entity as an accounting entity under Part 4; (b) suspend an accounting entity from providing public accountancy services (including any order under subsection (4)); or (c) impose on an accounting entity a penalty, does not take effect until the latest of the following: (d) one month after the date the order has been served on the accounting entity; (e) the date specified by the Oversight Committee in the order as the date on which the order takes effect; (f) where an appeal against the order is made to the General Division of the High Court under subsection (10), the date immediately after the date the appeal has been determined or withdrawn. (10) Any accounting entity that is aggrieved by an order of the Oversight Committee under this section to —(a) revoke the approval granted to the accounting entity as an accounting entity under Part 4; (b) suspend the accounting entity from providing public accountancy services (including any order under subsection (4)); or (c) impose on the accounting entity a penalty, may appeal to the General Division of the High Court within a period of 30 days or within any further period that the General Division of the High Court may allow, after the order of the Oversight Committee has been served on the accounting entity. (11) The decision of the General Division of the High Court on an appeal under subsection (10) is final.[Act 32 of 2022 wef 01/07/2023] [Act 24 of 2025 wef 06/05/2026]