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(1) The Bank may impose sanctions on persons who contravene the provisions, regulations and rules made under this Act.

(2) The Bank may impose one or more of the following sanctions:

(a) pecuniary penalties as are prescribed by Regulations under this Act;

(b) suspension of a credit bureau licence; or

(c) revocation of a credit bureau licence.

(3) A credit bureau which

(a) delays in providing information and documents to the Bank,

(b) alters, modifies or deletes records from its database in contravention of this Act, or

(c) fails to adopt security and control measures that are necessary to prevent the wrongful use and management of information commits a breach and is liable to pay a pecuniary penalty of five thousand penalty units to the Bank and in the case of a continuing breach to an additional fine of not more than one hundred penalty units for each day on which the breach continues.