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AI Summary of 33AT. Financial service provider etc. not to be liable to be penalised twice for same contravention.

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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 19 April 2023 - onwards
Version 3 of 3

33AT. Financial service provider etc. not to be liable to be penalised twice for same contravention.

(1) If the Bank imposes a monetary penalty  on a person in accordance with section 33AQ or 33AR and the prescribed contravention in respect of which the sanction is imposed is an offence under a law of the State, the person is not liable to be prosecuted or punished for the offence under that law.

(2) The Bank may not impose a monetary penalty on a person, in accordance with section 33AQ or 33AR, if -

(a) the person has been charged with having committed an offence under a law of the State and has either been found guilty or not guilty of having committed the offence, and

(b) the offence involves a prescribed contravention.

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