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As enacted
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Part II · Payment, Clearing and Settlement Systems and Money Services

12. Directive for money services and payment systems

Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.

(1)

The Central Bank may, where it is of the opinion that any person—

(a)

is engaged in, or is about to engage in any unsafe, unsound or unfair practice in providing any money service or in the operation of a payment system ; or

(b)

has contravened or failed to comply with, or is likely to contravene or fail to comply with the provisions of this Act, or any rule, regulation, instruction, directive or order given under this Act or any other written law which in the opinion of the the Central

Bank relates to money services or payment systems or any category thereof, issue a directive to that person requiring such person, within such time as the Central Bank considers necessary,-

(i)

to cease and refrain from engaging in the act, omission or course of conduct ; and

(ii)

to perform such acts as in the opinion of the Central

Bank are necessary to rectify the situation.

(2)

Every directive issued under subsection (1) shall be served on the service provider to whom it is directed and shall be in operation from the date of service thereof.

(3)

Every directive issued under this section shall be binding on the person to whom it is directed.

Read on from s 13

Part III

Read on from Part III

Part IV

Miscellaneous Provisions

Read on from Part IV