s 68 Offence by officer
68.—(1) Any officer of a full bank, finance company or relevant insurer who fails to take all reasonable steps to secure —(a) compliance by the full bank, finance company or relevant insurer (as the case may be) with any provision of this Act; or (b) the accuracy and correctness of any statement submitted to the Authority, the Agency or such other person as may be required under this Act, shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $125,000 or to imprisonment for a term not exceeding 3 years or to both. (2) In any proceedings against a person under subsection (1), it is a defence for the person to prove that he or she had reasonable grounds for believing that another person was charged with the duty of securing compliance with the requirements of this Act, or with the duty of ensuring that those statements were accurate and correct (as the case may be) and that that person was competent, and in a position, to discharge that duty. (3) A person shall not be sentenced to imprisonment for any offence under subsection (1) unless, in the opinion of the court, he or she committed the offence wilfully. (4) Despite subsection (1), no officer shall be guilty of an offence where the contravention of any provision of this Act by a full bank, finance company or relevant insurer results in the imposition of only a financial penalty on the full bank, finance company or relevant insurer.