The Act Governing Electronic Payment Institutions Article 56

For electronic payment institutions that have been penalized in accordance with this Act but fail to take corrective actions within the specified period as ordered by the competent authority or the Central Bank, the competent authority or the Central Bank may mete out penalties each time a violation occurs. Where the violation is of a serious nature, the competent authority or the Central Bank may order the electronic payment institution to replace its responsible persons within a specified period, cease its business, or abolish its approval.