Section 22

The competent authority, upon application to the Magistrate’s

Court and satisfying the Court that a reporting institution has failed without reasonable excuse to comply in whole or in part with any obligations in this Act, shall obtain an order against any or all of the officers or employees of that reporting institution on such terms as the

Court deems necessary to enforce compliance with such obligations.

Notwithstanding subsection (2), the competent authority may direct or enter into an agreement with any reporting institution that has without reasonable excuse failed to comply in whole or in part with any obligations in this Part to implement any action plan to ensure compliance with its obligations under this Part.

Any person who contravenes subsection (1) or fails to comply with a directive under subsection (3) commits an offence and shall, on conviction, be liable to a fine not exceeding one million ringgit or to imprisonment for a term not exceeding three years or to both, and, in

Anti-Money Laundering, Anti-Terrorism 43

Financing and Proceeds of Unlawful

Activities the case of a continuing offence, shall in addition be liable to a fine not exceeding three thousand ringgit for each day or part thereof during which the offence continues to be committed.