Section 26
of Criminal Asset Recovery Order, 2012
Section 26
Any supervisory or regulatory authority or competent disciplinary authority that discovers a breach of the obligations established under this Order by a financial institution or designated non-financial business and profession or other regulated business it supervises may impose one or more of the following measures and sanctions –
(a)
written warnings;
(b)
order to comply with specific instructions;
(c)
order reports on a regular basis from the financial institution or designated non-financial business and profession or other regulated business on the measures it is taking;
(d)
barring individuals from employment within the sector;
(e)
replacing or restricting the powers of managers, directors, principals, partners or controlling owners, including the appointing of ad hoc administrator;
(f)
a temporary administration of the financial institution or designated non-financial business and profession; or
(g)
suspending, restricting or withdrawing the licence of the financial institution or designated non-financial business and profession.
Prohibition against shell banks.