Section 33AV of the Act of 1942 is amended -

(a) by the substitution of the following subsection for subsection (1):

"(1) If the Bank suspects on reasonable grounds that -

(a) a person is committing or has committed a prescribed contravention, or

(b) a person is participating or has participated, while performing a relevant controlled function, in the commission of a prescribed contravention by a regulated financial service provider,

it may, except where the person acknowledges the commission of or participation in the prescribed contravention, enter into an agreement under this section in writing with the person to resolve the matter.",

(b) in subsection (2) -

(i) by the substitution of "the person" for "the financial service provider or person", and

(ii) by the substitution of "the person" for "that financial service provider or person",

(c) in paragraph (a) of subsection (3), by the deletion of "or 33AR",