# The Immigration Act 2014 (Bank Accounts) Regulations 2014, Regulation 17: Financial penalties


(1) If the FCA considers that a current account authorised person (“P”) has contravened a relevant requirement, it may impose on P a penalty of such amount as it considers appropriate.
(2) If the FCA considers that an approved person (“A”) has been knowingly concerned in a contravention by a current account authorised person of a relevant requirement, it may impose on A a penalty of such amount as it considers appropriate.
(3) A penalty imposed under this regulation is payable to the FCA and may be recovered as a debt owed to the FCA.

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Source: https://www.legislation.gov.uk/ukdsi/2014/9780111119105/regulation/17 (the official version)
Page: https://openlegislation.uk/draft-immigration-act-2014-bank-accounts-regulations-2014/regulation-17
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.