Section 3A: Power of Bank to Take Action

1) If a licensee fails to abide by the order or directive issued by the Bank according to this Act, the Bank may take any or all of the following actions against such a licensee:

(a) To admonish,

(b) To impose restrictions on any or all of the foreign exchange transactions,

(c) To forfeit the cash deposit in the Bank or make a recovery from the guarantee,

(d) To suspend or cancel the license.

2) In taking action against the licensee according to sub-section (1), the licensee shall be provided with a reasonable opportunity to defend himself or herself.