EN-5.1.5
Examples of the types of compliance failings that may lead to the serving of a financial penalty notice include (but are not limited to):
(a) failures to address persistent delays and/or significant inaccuracies in regulatory reporting to the BMA;
(b) repeated failures to respond to formal requests for information from the BMA, within the deadlines set;
(c) the submission of information to the BMA known to be false or misleading; and
(d) major failures in maintaining adequate systems and controls in accordance with BMA requirements, subjecting policyholders and other customers to significant risk of financial loss.