s 463 Financial penalty for non‑compliance with class licence conditions
463.—(1) If IPOS finds that a licensed CMO has contravened any of its class licence conditions, IPOS may, by written notice, impose —(a) a financial penalty not exceeding $20,000 on the CMO; and (b) a financial penalty not exceeding $20,000 on each officer of the CMO that IPOS considers to be responsible for the contravention. (2) Before imposing a financial penalty on a person under subsection (1), IPOS must give the person an opportunity to make representations in accordance with the prescribed procedure. (3) A financial penalty imposed under subsection (1) is recoverable as a fine. (4) Financial penalties collected under subsection (1) must be paid into the Consolidated Fund.