Section 32

No person, other than a person who has obtained the approval of the Authority under section 35(1), shall hold himself out as an approved holder of a widely accepted stored value facility.

Any person who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 or to imprisonment for a term not exceeding 2 years or to both and, in the case of a continuing offence, to a further fine not exceeding $10,000 for every day or part thereof during which the offence continues after conviction.[SF Act, s. 56]