Section 19N: Administrative sanction

19N. Administrative sanction (1) Subject to subsection (2), where a regulatory body has reasonable cause to believe that a member falling under its purview – (a) has contravened this Act or the United Nations (Financial Prohibitions, Arms Embargo and Travel Ban) Sanctions Act 2019, or any regulations made or guidelines issued under those Acts; (b) is involved in money laundering activities and the financing of terrorism and proliferation activities; it may, subject to this Act, impose such administrative sanction as it may determine. (2) Where the regulatory body intends to impose an administrative sanction under section 19H(1)(d) against the member referred to in subsection (1), it shall issue a notice to the member stating – (a) its intention to impose the administrative sanction; (b) the type and terms of the administrative sanction; and (c) the right of the member to make written representations to the regulatory body within 21 days of the notice. (3) Where, after considering the written representations under subsection (2)(c) and the regulatory body is satisfied that the member has contravened subsection (1), or where no written representations are received, it shall impose the administrative sanction on the member. Acts 2019 177 (4) In addition to any administrative sanction imposed by the regulatory body, the Review Panel may direct the member to take such remedial action as it may determine. (5) Any administrative penalty shall be a debt due to the regulatory body and may be recovered by the regulatory body as a civil debt in a court of competent jurisdiction. (6) Any administrative penalty paid to the regulatory body shall be credited to the Consolidated Fund.