A person who
(a) changes particulars submitted in an application to transact business through the approved electronic system without notifying the Commissioner-General,
(b) effects an electronic declaration contrary to sub-regulation (2) of regulation 83, or
(c) fails to retain records contrary to these Regulations or the Act, commits an offence and is liable on summary conviction to a fine of not less than one hundred penalty units and not more than two hundred and fifty penalty units or a term of imprisonment of not less than six months and not more than one year or to both.