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Financial Intelligence Centre Act, 2001 (Act No. 38 of 2001)

Chapter 3 : Money Laundering, Financing of Terrorist and Related Activities and Financial Sanctions Control Measures

Part 2 : Duty to keep record

24. Records may be kept in electronic form and by third parties

[Section 24 heading substituted by section 14 of the Financial Intelligence Centre Amendment Act, 2017 (Act No. 1 of 2017)]

 

(1) The duties imposed by sections 22 and 22A on an accountable institution to keep a record of the matters specified in those sections may be performed by a third party on behalf of the accountable institution as long as the accountable institution has free and easy access to the records and the records are readily available to the Centre and the relevant supervisory body for the purposes of performing its functions in terms of this Act.

 

(2) If a third party referred to in subsection (1) fails to properly comply with the requirements of sections 22 and 22A on behalf of the accountable institution concerned, the accountable institution is liable for that failure.

 

(3) If an accountable institution appoints a third party to perform the duties imposed on it by section 22 and 22A, the accountable institution must forthwith provide the Centre and the supervisory body concerned with the prescribed particulars regarding the third party.

 

(4) Records kept in terms of sections 22 and 22A may be kept in electronic form and must be capable of being reproduced in a legible format.

 

[Section 24 substituted by section 14 of the Financial Intelligence Centre Amendment Act, 2017 (Act No. 1 of 2017)]