12.
| (1) The Central Bank may, where it is of the opinion that any person -
| | (a) is engaged in, or is about to engage in any unsafe, unsound or unfair practice in providing any money service or in the operation of a payment system ; or
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| | (b) has contravened or failed to comply with, or is likely to contravene or fail to comply with the provisions of this Act, or any rule, regulation, instruction, directive or order given under this Act or any other written law which in the opinion of the Central Bank relates to money services or payment systems or any category thereof,
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| (2) Every directive issued under subsection (1) shall be served on the service provider to whom it is directed and shall be in operation from the date of service thereof. |
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| (3) Every directive issued under this section shall be binding on the person to whom it is directed. |
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Sri Lanka Consolidated Acts