| (1) |
Every supervisory body is responsible for supervising and enforcing compliance with this Act or any order, determination or directive made in terms of this Act by all accountable institutions regulated or supervised by it. |
[Section 45(1) substituted by section 15(a) of the Financial Intelligence Centre Amendment Act, 2008 (Act No. 11 of 2008)]
| (a) |
The obligation referred to in subsection (1) forms part of the legislative mandate of any supervisory body and constitutes a core function of that supervisory body. |
| (b) |
Any Act that regulates a supervisory body or authorises that supervisory body to supervise or regulate any accountable institution must be read as including subsection (1), and a supervisory body may utilise any fees or charges it is authorised to impose or collect to defray expenditure incurred in performing its obligations under this Act or any order, determination or directive made in terms of this Act. |
[Section 45(1A) inserted by section 15(b) of the Financial Intelligence Centre Amendment Act, 2008 (Act No. 11 of 2008)]
| (1B) |
A supervisory body, in meeting its obligation referred to in subsection (1), may— |
| (a) |
in addition to any powers it has in terms of another Act, exercise any power afforded to it in this Act; |
| (b) |
delegate the exercise of any power contemplated in paragraph (a)lo any of its members, employees or any other suitable person; |
| (c) |
take any measures it considers necessary or expedient to meet its obligations imposed by this Act or any order, determination or directive made in terms of this Act, or to achieve the objectives of the Centre or this Act; |
| (d) |
require an accountable institution supervised or regulated by it to report on that institution's compliance with this Act or any order, determination or directive made in terms of this Act in the form, manner and timeframes determined by the supervisory body; |
| (e) |
issue or amend any licence, registration, approval or authorisation that the supervisory body may issue or grant in accordance with any Act, to include the following conditions: |
| (f) |
compliance with this Act; and |
| (g) |
the continued availability of human, financial, technological and other resources to ensure compliance with this Act or any order, determination or directive made in terms of this Act; and |
| (h) |
in making a determination in accordance with any Act applicable to it as to whether a person is fit and proper to hold office in an accountable institution, take into account any involvement, whether directly or indirectly, by that person in any non-compliance with this Act or any order, determination or directive made in terms of this act, or, prior to the commencement of this Act or at any time thereafter, any involvement in— |
| (i) |
any money laundering activity; or |
| (ii) |
any terrorist or related activity. |
[Section 45(1B) inserted by section 15(b) of the Financial Intelligence Centre Amendment Act, 2008 (Act No. 11 of 2008)]
| (1C) |
A supervisory body must submit to the Centre, within the prescribed period and in the prescribed manner, a written report on any action taken against any accountable institution in terms of this Act or any order, determination or directive made in terms of this Act. |
[Section 45(1C) inserted by section 15(b) of the Financial Intelligence Centre Amendment Act, 2008 (Act No. 11 of 2008)]
| (a) |
The Centre and a supervisory body must coordinate their approach to exercising their powers and performing their functions in terms of this Act to ensure the consistent application of the Act, and must enter into a written memorandum of understanding in respect thereof. |
| (b) |
The memorandum of understanding must provide for— |
| (i) |
the sharing of information between the parties, which must include— |
| (aa) |
the types of information to be furnished by each party; or |
| (bb) |
measures to protect confidentiality of the information, including limiting access to specified persons or incumbents of specified positions, subject to section 40(3) and other provisions of this Act and other applicable legislation; |
| (ii) |
cooperation between the parties and assisting each other in the exercise of their respective powers and the performance of their respective duties in terms of this Act; |
| (iii) |
a dispute resolution mechanism; and |
| (iv) |
such other matters as may be prescribed. |
[Section 45(1D) substituted by section 31 of the Financial Intelligence Centre Amendment Act, 2017 (Act No. 1 of 2017)]
| (2) |
When the Centre refers a matter to a supervisory body or other public body or authority in terms of section 44, that supervisory body or other public body or authority must investigate the matter and may, after consultation with the Centre, take such steps within the scope of its powers as it considers appropriate to remedy the matter. |
| (3) |
Should a supervisory body or other public body or authority to which a suspected contravention or failure is referred in term of section 44 fail to take adequate steps to ensure that the suspected contravention ceases or the suspected failure is rectified, the Centre may, after consultation with the supervisory body or other public body or authority concerned, take such steps within the scope of its powers as the Centre considers appropriate to remedy the matter. |
Contingency Fees Act, 1997
