Payment and Settlement Systems (Finality and Netting) Act · s 17

Suggest a correction

Tell us what is wrong in this text. We check every suggestion against the official version before we change anything.

What is wrong?Wrong or mistyped wordsWrong structure or numberingWrong title or detailsText that appears twice

What should change, and whyUp to 2,000 characters.The text as it should read (optional)Edit the text above. Up to 20,000 characters.Where you checked it (optional)A link to the official version, if you have one.

The text as we hold it

Open the official text

s 17Composition of offences

(1)

The Authority may, in its discretion, compound any offence against this Act or any regulations made thereunder which is prescribed as being an offence which may be compounded by collecting from any person reasonably suspected of having committed that offence a sum not exceeding

$10,000.

(2)

On payment of such sum of money, no further proceedings shall be taken against that person in respect of the offence.

(3)

The Minister may, with the approval of His Majesty the Sultan and Yang Di-Pertuan, make regulations prescribing the offences which may be compounded under this Act.

(4)

All sums collected under this section shall be paid to the

Authority.