Islamic Financial Services Act 2013 · s 247

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s 247Power of Bank to prescribe monetary penalty

The Bank may, for giving full effect to or for convenient implementation of subparagraph 245(3)(b)(i), or for the purposes of regulatory objectives of this Act, prescribe the following matters as it deems necessary:

(a)

classify or designate the breaches under this Act into different categories of breaches; and

(b)

fix, in accordance with paragraph (a), a monetary penalty, or a range of monetary penalties, in respect of each category.