Section 117, The Banking Act, 2019

(1) Except as otherwise provided in this Act any personwho contravenes any provision of this Act or statutory instruments made under this Act commits an offence and shall be liable on conviction to a fine or to imprisonment for a term not exceeding 2 years or both the fine and imprisonment. (2) Where an offence under this Act is committed by a body of persons, then in the case of a - (a) body corporate, any person who at the time the offence was committed was a director, manager or officer of that body corporate; (b) firm, every person who at the time the offence was committed was a partner or principal officer of that firm; or (c) partnership, every person who at the time the offence was committed was a partner, shall be deemed to have committed that offence and shall be liable to an administrative penalty; (3) In any proceedings for an offence under this Act it shall be a defence for the person charged to prove that - (a) the offence was committed without his knowledge or connivance; or (b) he took all reasonable precautions and exercised all due diligence to prevent the commission of the offence. Termination of external auditor’s appointment. Review of decisions of Offences. 120 121 (4) Notwithstanding anything contained in this Act or any other law, the Central Bank may compound any offence punishable under this Act by accepting such sums of money as it thinks fit, not exceeding the maximum fine to which a person would have been liable if he had been convicted of an offence under this Act. (5) Where an offence under this Act has been compounded no proceedings shall be instituted or continued against such person.