—(1) The Authority may make regulations for, or in respect of, every purpose which is considered necessary for carrying out the provisions of this Act and for the prescribing of any matter which is authorised or required under this Act to be so prescribed.
(2) Without prejudice to the generality of subsection (1), the Authority may by such regulations —
prescribe fees to be charged under this Act; and
regulate the conduct of money-changing and remittance business by persons holding licences granted under this Act.
(3) Regulations made under this section may provide —
that a contravention of any specified provision thereof shall be an offence; and
for penalties not exceeding a fine of $50,000 or imprisonment for a term not exceeding 12 months or both for each offence and, in the case of a continuing offence, a further penalty not exceeding a fine of 10% of the maximum fine prescribed for that offence for every day or part thereof during which the offence continues after conviction.