Section 18: Regulatory action in event of non-compliance
consolidated text (as at 2016, amended since). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.
18. Regulatory action in event of non-compliance
(1) (a) The supervisory authorities may issue such codes and guidelines
as they consider appropriate to combat money laundering activities and terrorism financing, to banks, cash dealers or financial institutions, subject to
their supervision.
(b) The Bank of Mauritius shall supervise and enforce compliance by
banks and cash dealers with the requirements imposed by this Act, regulations
made under this Act and such guidelines as it may issue under paragraph (a).
(c) The Financial Services Commission shall supervise and enforce
compliance by financial institutions with the requirements imposed by this
Act, regulations made under this Act and such guidelines as it may issue under paragraph (a).
(2) Where it appears to the Bank of Mauritius that any bank or cash dealer subject to its supervision has failed to comply with any requirement imposed by this Act or any regulations applicable to that bank or cash dealer
and that the failure is caused by a negligent act or omission or by a serious
defect in the implementation of any such requirement, the Bank of Mauritius,
in the absence of any reasonable excuse, may—
(a) in the case of a bank, proceed against it under sections 11 and 17
of the Banking Act on the ground that it is carrying on business in
a manner which is contrary to the interest of the public;
(b) in the case of a cash dealer, proceed against him under section
17 of the Banking Act on the ground that he is carrying on business in a manner which is contrary to the interest of the public.
(3) Where it appears or is represented to the Financial Services Commission that any financial institution has refrained from complying or negligently
failed to comply with any requirement of this Act or any regulations, the Financial Services Commission may proceed against the financial institution
under section 7 of the Financial Services Act on the ground that it is carrying
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Revised Laws of Mauritius
on its business in a manner which is contrary or detrimental to the interest of
the public.
(3A) A regulatory body shall supervise and enforce compliance by members of a relevant profession or occupation with the requirements imposed
by this Act, the regulations made under this Act and such guidelines as may
be issued under section 10 (2) (ba) and (c).
(4) Where it appears or is represented to any regulatory body that any
member of a relevant profession or occupation over which it exercises control has refrained from complying or negligently failed to comply with any
requirement of this Act or any regulations, the regulatory body may take,
against the member concerned, any action which it is empowered to take in
the case of professional misconduct, dishonesty, malpractice or fraud, by that
member.
[S. 18 amended by s. 3 (f) of Act 34 of 2003 w.e.f. 27 September 2003; s. 13 (b) of Act 14 of
2005 w.e.f. 10 November 2004; s. 97 (3) of Act 14 of 2007 w.e.f. 28 September 2007; s. 11
(i) of Act 27 of 2012 w.e.f. 22 December 2012.]