Cap. 376 Art. 13AReasons and communication.

Any measure taken by the competent authority, or by the competent authority in collaboration with the Central Bank as applicable, pursuant to the European Passport Rights for Financial

Institutions Regulations and article 23(1) involving administrative penalties or restrictions on the exercise of a European right shall be properly justified and communicated to the payment institution, the electronic money institution or the account information service provider concerned: Provided that article 25(2) and the European Passport Rights for Financial Institutions Regulations shall be without prejudice to the obligations of the Financial Intelligence Analysis Unit established in terms of the Prevention of Money Laundering

Act and the obligations of those authorities in other Member States which, under Directive (EU) 2015/849 and Regulation (EU) 2015/ 847, in particular under Article 48(1) of Directive (EU) 2015/849 and Article 22(1) of Regulation (EU) 2015/847, are responsible for supervising or monitoring compliance with the requirements laid down in those instruments.