Section 196

Where any person (referred to in this section as the “principal”)

would be liable under this Act to any punishment or penalty for any act, omission, neglect or default, he shall be liable to the same punishment or penalty for every such act, omission, neglect or default of any clerk, servant or agent of his, or of the clerk or servant of such agent.

Subsection (2) shall be applicable where such act, omission, neglect or default was committed by the clerk or servant of the principal in the course of his employment, or by the agent when acting on behalf of the principal, or by the clerk or servant of such agent in the course of his employment by such agent or otherwise on behalf of the agent.

For the purposes of this section, “controller” means a person who has obtained an approval of the Minister under section 88 of the

Financial Services Act 2013 or section 100 of the Islamic Financial

Services Act 2013.

198

Power of Corporation to compound offences