The Administrative Sanctions Procedure (ASP) empowers the Central Bank to investigate and inquire into potential violations by firms or individuals, imposing sanctions where prescribed contraventions are found.
These contraventions may include breaches of designated enactments, statutory instruments, codes, directions, or obligations outlined in the Central Bank Act 1942 and related regulations.
The ASP encompasses several stages, as outlined in the Administrative Sanctions Procedure Guidelines (December 2023):
- Investigation
- Inquiry
- Settlement
- Sanction
- Confirmation by High Court and Appeal
These stages provide a framework for the Central Bank to address regulatory breaches effectively and ensure compliance within the financial sector.
To know more, read here.
By FCCT Editorial Team
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