41. Revocation of approval granted under subsection 40(1)

The Bank may revoke an approval granted under subsection 40(1) to a licensee who carries on remittance business.

Where the Bank proposes to revoke the approval granted under subsection 40(1), the Bank shall give the licensee a written notice setting out the proposed revocation and the grounds for the revocation.

The licensee shall be given an opportunity to make written representation to the Bank within fourteen days from the date of the written notice.

Where no written representation is received by the Bank within the period specified under subsection (3), the Bank shall revoke the approval by written notice.

Where written representation is received, the Bank, after considering the representation, shall give the licensee written notice of its decision.

A revocation under subsection (4), or a decision to revoke an approval under subsection (5), shall not take effect until the expiration of fourteen days from the date of the written notice under subsection (4) or (5) or such other period as the Bank may specify, as the case may be.

Where the Bank decides under subsection (5) not to revoke the approval, it may impose such conditions on the licensee as it may specify in the written notice given under that subsection.

A licensee who fails to comply with any condition imposed under subsection (7) commits an offence.