Clause 13

The Authority may, from time to time, issue such directions or make such regulations concerning any financial institution or class of financial institutions as the Authority considers necessary for the prevention of money laundering or for the prevention of the financing of terrorism.(2) A financial institution which fails or refuses to comply with any direction issued under subsection (1), or contravenes any regulations made under that subsection, shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 and, in the case of a continuing offence, to a further fine of $10,000 for every day during which the offence continues after conviction.(3) In this section, “financial institution” has the same meaning as in section 27A(6) read with section 27A(7).”.