Section 17
Composition of offences
of Payment and Settlement Systems (Finality and Netting) Act
ActIn forceProvision 17 of 18
Section 17
(1)
The Authority may, in its discretion, compound any offence against this Act or any regulations made thereunder which is prescribed as being an offence which may be compounded by collecting from any person reasonably suspected of having committed that offence a sum not exceeding
$10,000.
(2)
On payment of such sum of money, no further proceedings shall be taken against that person in respect of the offence.
(3)
The Minister may, with the approval of His Majesty the Sultan and Yang Di-Pertuan, make regulations prescribing the offences which may be compounded under this Act.
(4)
All sums collected under this section shall be paid to the
Authority.