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Article (14) Violations to the Provisions of These Regulations

C 29/2011 Effective from 29/3/2011

Should suspicions arise as to the violation of provisions of these Regulations by any bank, the matter shall be referred to the Legal Development Unit of the Central Bank to decide whether such violation has occurred. If the violation is established, the fine referred to in Article (107) of Union Law No-(10) of 1980 Regarding the Central Bank, the Monetary System and Organization of Banking, shall be imposed, and shall apply to each violation, and be charged on daily basis to the violating bank, until rectified.