2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART I - Banks (§§ 1 — 278) › Chapter 16 - International Banking Center (§§ 231 — 232x) › § 232p - Penalties

(a) If any director, official or individual acting in a similar capacity of an international banking entity or of a person of which the international banking entity is a unit, violates, or voluntarily or negligently permits any director officer, agent, or employee of the international banking entity or of the person of which the international banking entity is a unit, to violate §§ 232 et seq. of this title, the regulations of the Commissioner, or any provision of the certificate of incorporation, partnership agreement or other written document establishing the international banking entity, the Commissioner shall schedule and summon the interested parties to an administrative hearing pursuant to the regulations provided in § 232s of this title. Once the hearing is held and after the Commissioner determines that a provision mentioned in this subsection has been violated, he shall take the corresponding action, including the suspension or dismissal of such director, officer or individual.
(b) Any official or employee of an international banking entity, or of a person of which it is a unit, who on behalf of such international banking entity receives any deposit or contract for a loan with the knowledge that the international banking entity or the person of which it is a unit is insolvent, shall commit a felony and, if convicted, shall be punished with imprisonment for not less than three (3) years nor more than seven (7) years, or with a fine of not less than five thousand dollars ($5,000) nor more than ten thousand dollars ($10,000) or with both penalties at the discretion of the court.
(c) Any director, official or employee of the international banking entity or of the person of which the international banking entity is a unit, who illegally appropriates, embezzles, removes or voluntarily misuses any moneys, funds, credits or securities of an international banking entity, or who, without due authorization, issues or draws any certificate of deposit, draws any order or bill of exchange, carries out any type of acceptance or assignment of a note, bond, money order, bill of exchange, and any person who, with the same intention, aids or abets any director, official or employee to violate any provision of this section, shall commit a felony and, if convicted, shall be punished with imprisonment for a term of not less than ten (10) years nor more than twenty (20) years, or with a fine of not less than fifteen thousand dollars ($15,000) nor more than thirty thousand dollars ($30,000), or with both penalties at the discretion of the court.
(d) Any director, official, or employee of an international banking entity or of the person of which the international banking entity is a unit, who voluntarily misrepresents the financial condition of an international banking entity or about any transaction to be carried out by, or carried out by the international banking entity, or who declines to provide information legally requested by the Commissioner, shall commit a felony and, if convicted, shall be punished with imprisonment for not less than five (5) years nor more than ten (10) years, or with a fine of not less than eight thousand dollars ($8,000) nor more than seventeen thousand dollars ($17,000), or with both penalties at the discretion of the court.
(e) The Commissioner is hereby authorized to:
(1) Impose and collect administrative fines of not less than one hundred dollars ($100) nor more than ten thousand dollars ($10,000) for each violation of the provisions of §§ 232 et seq. of this title or of the rules and regulations that may be promulgated thereunder.
(2) Order restitution or refund of payments received in violation of the provisions of §§ 232 et seq. of this title or any rules or regulations that may be promulgated thereunder or any other remedy that he/she may deem necessary to achieve the purposes of §§ 232 et seq. of this title.
(3) Impose and collect administrative fines, which shall not be less than one hundred dollars ($100) or more than five thousand dollars ($5,000), for each day the international banking entity fails to meet the requirements or carry out the orders of the Commissioner.
History —Aug. 11, 1989, No. 52, p. 178, § 18; renumbered as § 20 and amended on Sept. 23, 2013, No. 110, § 7.