A person who contravenes subsection (1) or (2) of section 110 or a moneybroker who fails by act or omission to comply with a requirement or condition imposed on him under section 111 shall be guilty of an offence and shall be liable -

(a) on summary conviction, to a fine not exceeding £1,000 or, at the discretion of the court, to imprisonment for a term not exceeding 12 months, or to both, or

(b) on conviction on indictment, to a fine not exceeding £50,000 or, at the discretion of the court, to imprisonment for a term not exceeding 5 years, or to both,

and, if the contravention or breach in respect of which he was convicted is continued after conviction, he shall be guilty of an offence on every day on which the contravention or breach continues after conviction in respect of the original contravention or breach and for each such offence he shall be liable on summary conviction to a fine not exceeding £100 or on conviction on indictment to a fine not exceeding £5,000.