Section 23A: AML/CFT Monitoring Panel

23A. AML/CFT Monitoring Panel (1) The AML/CFT Monitoring Panel shall be responsible for reviewing, analysing and identifying any failure on the part of any licensed auditor to comply with the Financial Intelligence and Anti-Money Laundering 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. (2) Subject to this Act and rules made by the Council, the AML/CFT Monitoring Panel shall conduct its monitoring exercise in such manner as it may determine. (3) The AML/CFT Monitoring Panel shall, where it identifies a failure on the part of a licensed auditor, determine the appropriate action to be taken and inform the Council thereof. (4) The Council shall, within 30 days of receipt of the determination under subsection (3), ratify, vary or make such other decision as it considers appropriate and it shall give written notice to the licensed auditor of its final decision. (5) In addition to any administrative sanction imposed by the Council, the Review Panel may direct the licensed auditor to take such remedial action as it may determine. (6) Any administrative penalty under this section shall be a debt due to the Council and may be recovered by the Council as a civil debt in a court of competent jurisdiction. (7) Any administrative penalty paid to the Council shall be credited to the Consolidated Fund.