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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 person, 1[make such inquiry or cause such inquiry to be made, as he thinks fit to be necessary, with regard to the obligations of the reporting entity, under this Chapter]. 2[(1A) If at any stage of inquiry or any other proceedings before him .....

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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 provisions of this Act, he may- (a) issue a warning in writing; or (b) direct such reporting entity or its designated director on the Board or any of its employees, to comply with specific instructions; or (c) direct s .....

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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 accountant within the meaning of the Chartered Accountants Act, 1949 (38 of 1949).] - Notes: 1. Substituted Vide Prevention of Money-laundering (Amendment) Act, 2012, w.e.f. 15-2-20 .....

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