Section 98

The Bank may, by regulations made under section 94, impose administrative penalties on any person for any delay in complying with any directive, guideline, standard, circular, specification, order or notice issued by the Bank in respect of any provision of this Act.

The Bank shall, before making a decision to impose any administrative penalty on any person, serve on him a written notice calling on him to show cause why the administrative penalty should not be imposed on him.

If a satisfactory explanation is not received within fourteen days from the date of the written notice, the Bank may impose an administrative penalty in an amount not exceeding five hundred ringgit for each day of non-compliance and such amount shall not in total exceed the sum of five thousand ringgit.