—(1) Any person, being an officer of —
a participant, an operator or a settlement institution of a payment system;
a holder of a stored value facility; or
an approved bank in respect of a widely accepted stored value facility,
who fails to take all reasonable steps to secure —
compliance by the participant, operator, settlement institution, holder or approved bank, as the case may be, with any provision of this Act; or
the accuracy and correctness of any information provided by the participant, operator, settlement institution, holder or approved bank, as the case may be, to the Authority under this Act,
shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 or to imprisonment for a term not exceeding 2 years or to both.
(2) In any proceedings against an officer under subsection (1), it shall be a defence for the defendant to prove that he had reasonable grounds for believing that another person was charged with the duty of securing compliance with the requirements of this Act, or with the duty of ensuring that the information was accurate, as the case may be, and that that person was competent, and in a position, to discharge that duty.
(3) An officer shall not be sentenced to imprisonment for any offence under subsection (1) unless, in the opinion of the court trying the offence, he committed the offence wilfully.