Payment and Settlement Systems (Oversight) Act · s 54

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54.
Offences by officers
(1) Any person, being an officer of —
(a) a participant, an operator or a settlement institution of a payment system; or
(b) an issuer of a payment instrument, who fails to take all reasonable steps to secure —
(i) compliance by the participant, operator, settlement institution or issuer, as the case may be, with any provision of this Act; or
(ii) the accuracy and correctness of any information provided by the participant, operator, settlement institution or issuer, as the case may be, to the Authority under this Act, is guilty of an offence and liable on conviction to a fine not exceeding
$100,000, imprisonment for a term not exceeding 2 years or both.
(2) In any proceedings against an officer under subsection (1), it shall be a defence for the defendant to prove that he had reasonable grounds for believing that another person was charged with the duty of securing compliance with the requirements of this Act, or with the duty of ensuring that the information was accurate, as the case may be, and that that person was competent, and in a position, to discharge that duty.

Payment and Settlement Systems
(Oversight)
(3) An officer shall not be sentenced to imprisonment for any offence under subsection (1) unless, in the opinion of the court trying the offence, he committed the offence wilfully.

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s 54Offences by officers

(1)

Any person, being an officer of —

(a)

a participant, an operator or a settlement institution of a payment system; or

(b)

an issuer of a payment instrument, who fails to take all reasonable steps to secure —

(i)

compliance by the participant, operator, settlement institution or issuer, as the case may be, with any provision of this Act; or

(ii)

the accuracy and correctness of any information provided by the participant, operator, settlement institution or issuer, as the case may be, to the Authority under this Act, is guilty of an offence and liable on conviction to a fine not exceeding

$100,000, imprisonment for a term not exceeding 2 years or both.

(2)

In any proceedings against an officer under subsection (1), it shall be a defence for the defendant to prove that he had reasonable grounds for believing that another person was charged with the duty of securing compliance with the requirements of this Act, or with the duty of ensuring that the information was accurate, as the case may be, and that that person was competent, and in a position, to discharge that duty.

Payment and Settlement Systems

(Oversight)

(3)

An officer shall not be sentenced to imprisonment for any offence under subsection (1) unless, in the opinion of the court trying the offence, he committed the offence wilfully.