Duty of financial institution under inspection
162.—(1)  For the purposes of an inspection under section 161, and subject to subsection (2), the financial institution must —
(a)give the AML/CFT authority access to such of the books of the financial institution; and
(b)provide such information (including information relating to the internal control systems of the financial institution) and facilities,
as the AML/CFT authority may require for the inspection.
[14/2015; 31/2017]
(2)  The financial institution need not give the AML/CFT authority access to the books of the financial institution, or provide information or facilities, at such times or at such places as would unduly interfere with the proper conduct of the normal daily business of the financial institution.
[14/2015]
(3)  Subsection (1) has effect despite any obligation of confidentiality or other restrictions on the disclosure of information imposed on the financial institution or any of its officers by any prescribed written law or any requirement imposed under any such written law, any rule of law, any contract or any rule of professional conduct.
[14/2015]
(4)  A financial institution which, without reasonable excuse, refuses or neglects to comply with subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 and, in the case of a continuing offence, to a further fine not exceeding $10,000 for every day or part of a day during which the offence continues after conviction.
[14/2015]
(5)  No civil or criminal liability is incurred by a financial institution or any of its officers in respect of any obligation or restriction referred to in subsection (3) for doing or omitting to do any act, if the act is done or omitted to be done with reasonable care and in good faith and for the purpose of complying with subsection (1).
[14/2015]
(6)  A financial institution which or any of its officers who, with reasonable care and in good faith, does or omits to do any act for the purpose of complying with subsection (1) is not to be treated as being in breach of any obligation or restriction referred to in subsection (3).
[14/2015]