2 6Although section 212cii states that one alternative maximum level of fine that can be imposed is three times the amount of the profit gained or costs avoided by the financial institution c ID: 508567
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Guideline on Exercising Power Authority under Section 23(1) of the Anti-Money Laundering and Count �� &#x/MCI; 0 ;&#x/MCI; 0 ;4. &#x/MCI; 1 ;&#x/MCI; 1 ;When considering whether to impose a pecuniary penalty and the amount particular case, including the factors described below that are relevant. A pecuniary penalty imposed by the MA should act as a deterrent to the section 5(11) of the Ordinance and SVF licensees from contravening the same or similar specified provisions. at one alternative maximum level of fine that can be imposed is three times the amount of the profit gained, or imposed in any particular case with the profit gained, or costs avoided. A fine should not The more serious the contravention, all of the circumstances of the case out below that are relevant. The factors listed below are not exhaustive. Some of them may not be applicable in a particular case and there may be (a) including: whether the contravention is negligent – a contravention caused merely by negligence or technical breach is generally the duration and frequency of the contraventions; whether the contravention is potentially damaging or system and/or the reputation of Hong Kong as an �� &#x/MCI; 0 ;&#x/MCI; 0 ;international financial centre; &#x/MCI; 1 ;&#x/MCI; 1 ;(iv) &#x/MCI; 2 ;&#x/MCI; 2 ;whether the contravention caused or potentially caused loss to, or imposed costs on, any other person; committed by the authorized played in that group; whether the contravention reveals serious or systemic weaknesses of the management systems or internal controls procedures relating to all or part of the business of that whether the contravention was contraventions; individually may not justify a pecuniary penalty, but which do so when taken collectively; and ny financial crime facilitated, occasioned or otherwise attribut(b) contravention, including: attempted to conceal its contravention; any remedial steps taken sincpossible contravention was identified, and any action taken involved and any steps taken to ensure that similar the degree of cooperation with the MA, other relevant no or a lighter penalty is imposed. (c) The previous disciplinary record and compliance history of the �� &#x/MCI; 0 ;&#x/MCI; 0 ;contraventions particularly engage in that particular the contravention; and any punishment imposed or regulatory action taken or likely (d) Other relevant factors, including: y guideline in relation to the disciplinary action against an authorized institution or SVF – in general similar cases the amount of any benefit gained or costs avoided by the or employees as a result of the contravention; and SVF licensee has promptly, ebrought the contravention or Revised April 2018