Islamic Banking Act · s 112

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s 112Power of Authority to compound

(1)

The Authority may, without instituting proceedings against any person for any offence under this Act, or any regulations made thereunder, which is punishable by a fine, demand and receive the amount of the fine or such reduced amount as the Authority thinks fit from that person.

(2)

If that person —

(a)

pays that amount to the Authority within 14 days after the demand, no proceedings shall be taken against him in relation to the offence; or

(b)

does not pay the amount demanded, the Authority may cause proceedings to be instituted in relation to the offence.