Financial sanctions imposed on Licensed Financial Institutions under this Regulation will accrue as a debt of the Licensed Financial fostitutions. The Central Bank will notify the Licensed Financial Institution of the debt, as relates to the period of default deemed appropriate by the Central Bank. The debt will be automatically debited from the Licensed Financial fostitution’s account at the Central Bank 28 days after the notification or such alternative means of settlement of the debt as advised to the Licensed Financial Institutions.
Each obligation is considered separately and the appropriate fine will be applied for violating the specific regulatory obligation. A summary of the financial sanctions is attached at Appendix 1. Continued regulatory violations may result in further enforcement action under the Central Bank Law.
In the event the Central Bank introduces new reporting requirements or alters the obligations set out in this Regulation, by legislation, decree, notice, circular, or other notification and as amended in the Integrated Regulatory Reporting System, Licensed Financial Institutions are required to comply with those reporting requirements and obligations. Such reporting requirements and obligations shall fall within the scope of this Regulation.