Section 22A: Administrative penalties

22A. Administrative penalties Notwithstanding section 53(9) and rule 3(2) of the Financial Services (Administrative Penalties) Rules 2013, where a licensee fails to pay administrative penalties, the Chief Executive may, after giving notice of not less than 90 days to the licensee, terminate the licence subject to such terms and conditions as he deems appropriate in the circumstances. (e) in section 42(2)(b)(i), by deleting the words “Financial Intelligence and Anti-Money Laundering Act and the Prevention of Terrorism Act” and replacing them by the words “AML/CFT Legislations”; (f) in section 44 – (i) in subsection (1)(c), by deleting the words “Financial Intelligence and Anti-Money Laundering Act” and replacing them by the words “AML/CFT Legislations”; (ii) by inserting, after subsection (3), the following new subsection – (3A) For the purposes of subsections (2) and (3), the Chief Executive may authorise the investigator to issue such directions to ensure the smooth running of the investigation. (g) in section 46(1)(a), by inserting after the words “Act,”, the words “AML/CFT legislation,”; (h) by inserting, after section 51A, the following new section –