Money Services Business Act 2011 · s 22

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s 22Maintenance of capital

(1)

A licensee shall maintain, at all times, minimum capital funds as the Minister, on the recommendation of the Bank, may prescribe.

(2)

Notwithstanding subsection (1), the Bank may direct a licensee in writing to increase the minimum capital funds of such licensee within such time as the Bank may require if in the opinion of the Bank the increase is appropriate based on an evaluation of the financial condition, risk exposure, internal control mechanisms or risk-management process of the licensee and the licensee shall maintain such capital funds at all times.

(3)

A licensee who contravenes subsection (1) or (2) commits an offence.