Syariah Financial Supervisory Board Act · s 5

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s 5Directives

(1)

The Authority may issue written directives in relation to the businesses referred to in section 4(2) in accordance with the advice of the

Board.

(2)

Any financial institution which fails to comply with or contravenes any written directive issued under subsection (1) is guilty of an offence and liable on conviction to a fine not exceeding $500,000 and to

Syariah Financial Supervisory Board a further fine not exceeding $5,000 for every day during which the contravention continues.

Power to issue guidelines etc. [S 36/2022]