ÿþ<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"> <html><!-- InstanceBegin template="/Templates/aml.dwt" codeOutsideHTMLIsLocked="false" --> <head> <meta http-equiv="Content-Type" content="text/html; charset=iso-8859-1"> <!-- InstanceBeginEditable name="doctitle" --> <title>BMA - Anti-Money Laundering, Fees &amp; Penalties</title> <!-- InstanceEndEditable --> <style type="text/css" media="screen"> <!-- @import url("../css-js/topNav.css"); @import url("../css-js/level2.css"); --> </style> <!--[if IE 5]> <style> #footer {margin-top: 0;} body {text-align: center;} #masthead, #layoutwrapper, #footertext {text-align: left;} #c1{width:360px;} </style> <![endif]--> <!--[if lte IE 6]> <style> </style> <![endif]--> <!-- InstanceBeginEditable name="head" --><!-- InstanceEndEditable --> <link rel="stylesheet" href="../p7tm/p7tmBMA.css" type="text/css"> <script type="text/javascript" src="../p7tm/p7tmscripts.js"></script> <style type="text/css" media="print"> <!-- @import url("../css-js/level2-print.css"); 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In addition, failure to comply with specified Regulations may amount to a criminal offence with a fine of $50,000 on summary conviction and a fine of $750,000 on indictment. In determining whether a person has complied with the Regulations the court must consider whether he followed any relevant guidance issued by the BMA.</p> <h2>Registration of  Non-Licensed Persons </h2> <p>It is an offence for a person to  </p> <ul> <li>carry on business when not registered;</li> <li>fail to correct an inaccuracy in an application for registration; or </li> <li>make a false representation that an institution is authorized, licensed, registered or otherwise regulated by the BMA solely on the basis that its name is included in the register. </li> </ul> <p>A person guilty of such an offence is liable to a fine of $25,000 on summary conviction and a fine of $100,000 on indictment.</p> <h2>Directions & License Conditions</h2> <p>AML/ATF regulated financial institutions and insurers which fail to comply with the requirement of a Direction or the condition of a license issued by the Minister of Justice are liable to a civil penalty of up to $500,000 under Section 20 of the Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing Supervision and Enforcement) Act 2008. In addition, failure to comply with the requirement of a Direction or providing false information for the purpose of obtaining a license may amount to a criminal offence with a fine of $50,000 on summary conviction and a fine of $750,000 and/or two years imprisonment on indictment. In determining whether a person has committed an offence the court must consider whether he followed any relevant guidance issued by the BMA.</p> </div> <!-- InstanceEndEditable --></div> <div id="c2"> <div class="sideMenu"> <h1>Anti-Money Laundering</h1> <div id="p7TMnav"> <div><a href="supervision-regs.html">Supervision & Regulation</a></div> <div><a href="policy-guidance.html">Policy & Guidance</a></div> <!--<div><a href="../anti-money-laundering/reporting-forms-guidelines.html">Reporting Forms & Guidelines</a></div>--> <div><a href="penalties.html">Offences & Penalties</a></div> <div><a href="AML-ATF-Sanction.asp">AML/ATF Sanctions</a></div> <div><a href="links.html">Useful Links</a></div> <div><a href="contact-AML_ATF.html">Contact AML/ATF</a></div> </div> <div class="sideMenuBottom"><img src="../images/sideMenu_bottom.gif" alt="Menu Base" width="155" height="4"></div> </div> <br class="clearit"> <br /> <div style="text-align:center;border:none;"> <a href="registration.html"><img src="../images/amlbutton.png" border="0" alt="" /></a></div> <!--E-FILING LINK<div class="efiling"><a href="#"><img src="../images/l2_eFiling.gif" alt="eFiling" width="155" height="30"></a></div>--> </div> <br class="clearit"> </div> <div id="footer"> <div id="footertext">&copy; Copyright 2008. 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