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Powers of director to impose fine.

Section 13 - Act - Obligations of Banking Companies, Financial Institutions and Intermediaries - Money Laundering - Section 13 - 13. (1) The Director may, either of his own motion or on an application made by any authority, officer or per .....

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, the Director having regard to the nature and complexity of the case, is of the opinion that it is necessary to do so, he may direct the concerned reporting entity to get its records, as may be specified, audited by an accountant from amongst a pane .....

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f any inquiry, finds that a reporting entity or its designated director on the Board or any of its employees has failed to comply with the obligations under this Chapter, then, without prejudice to any other action that may be taken under any other p .....

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uch reporting entity or its designated director on the Board or any of its employees, to send reports at such interval as may be prescribed on the measures it is taking; or (d) by an order, impose a monetary penalty on such reporting entit .....

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ction (2) to every banking company, financial institution or intermediary or person who is a party to the proceedings under that sub-section. 4[Explanation.-For the purpose of this section, "accountant" shall mean a chartered acc .....

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13. Before it was read as: "call for records referred to in sub-section (1) of section 12 and may make such inquiry or cause such inquiry to be made, as he thinks fit." 2. Inserted Vide Prevention of Money-laundering .....

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