Clause 21

by deleting subsection (1) and substituting the following subsection:“(1) Every licensee shall at his or its own expense appoint annually an auditor to carry out an audit of the transactions in his or its money-changing business or remittance business, as the case may be.”;

by deleting the words “and to submit a report of his audit to the Authority” in subsection (2)(b);

by deleting paragraph (d) of subsection (2) and substituting the following paragraph:“(d)to submit to the Authority a report of his audit or a report on any matters referred to in paragraphs (b) and (c).”; and

by deleting subsection (4) and substituting the following subsections:“(4) Where the Authority requires an auditor to submit a report under subsection (2)(d), the licensee shall ensure that the auditor submits the report to the Authority in such form and within such time as may be prescribed by the Authority.(5) The Authority may, if it is of the view that the auditor appointed by the licensee does not carry out his duties to the satisfaction of the Authority, direct the licensee to appoint another auditor and where such direction has been made, the licensee shall comply with the direction.(6) Any licensee who contravenes subsection (1), (4) or (5) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000.”.