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

Regulations

Money Laundering and Terrorist Financing Control Regulations

Chapter 6 : Miscellaneous

29. Offences and penalties and administrative sanctions for non-compliance

 

(1) [Regulation 29(1) deleted by regulation 29 of Notice No. R. 1062 of 2017]

 

(2) [Regulation 29(2) deleted by regulation 29 of Notice No. R. 1062 of 2017]

 

(3) [Regulation 29(3) deleted by regulation 29 of Notice No. R. 1062 of 2017]

 

(4) [Regulation 29(4) deleted by regulation 29 of Notice No. R. 1062 of 2017]

 

(5) [Regulation 29(5) deleted by regulation 29 of Notice No. R. 1062 of 2017]

 

(6) Any accountable institution, which fails to inform the Centre or the relevant supervisory body of particulars concerning third parties keeping records in accordance with regulation 20 is non-compliant and is subject to an administrative sanction.

 

(6A) Any person or institution which fails to provide the information to be reported concerning a terrorist property report in accordance with regulation 22A is guilty of an office.

 

(6B) Any person or institution which fails to provide the information to be reported concerning a terrorist property report in accordance with regulation 22A is non-compliant and is subject to an administrative sanction.

 

(6C) Any person or institution which fails to provide the information to be reported concerning a cash threshold report in accordance with regulation 22C is guilty of an offence.

 

(6D) Any person or institution which fails to provide the information to be reported concerning a cash threshold report in accordance with regulation 22C is non -compliant and is subject to an administrative sanction.

 

(6E) Any person or institution which fails to provide the information to be reported concerning a suspicious or unusual transaction report in accordance with regulation 23 is guilty of an offence.

 

(6F) Any person or institution which fails to provide the information to be reported concerning a suspicious or unusual transaction report in accordance with regulation 23 is non-compliant and is subject to an administrative sanction.

 

(6G) Any person or institution which fails to provide the information to be reported concerning a suspicious or unusual activity report in accordance with regulation 23A is guilty of an offence.

 

(6H) Any person or institution which fails to provide the information to be reported concerning a suspicious or unusual activity report in accordance with regulation 23A is non-compliant and is subject to an administrative sanction.

 

(6I) Any person or institution which fails to provide the information to be reported concerning a terrorist financing transaction report in accordance with regulation 23B is guilty of an offence.

 

(6J) Any person or institution which fails to provide the information to be reported concerning a terrorist financing transaction report in accordance with regulation 23B is non-compliant and is subject to an administrative sanction.

 

(6K) Any person or institution which fails to provide the information to be reported concerning a terrorist financing activity report in accordance with regulation 23C is guilty of an offence.

 

(6L) Any person or institution which fails to provide the information to be reported concerning a terrorist financing activity report in accordance with regulation 23C is non-compliant and is subject to an administrative sanction.

 

(7) Any person or institution, which fails to send a report to the Centre within the period referred to in regulation 24 or 24A is non-compliant and is subject to an administrative sanction.

 

(8) [Regulation 29(8) deleted by regulation 18 of Notice No. R. 1062 of 2017]

 

(9) Any person or institution convicted of an offence under this regulation is liable to imprisonment for a period not exceeding three years or a fine not exceeding R1 million.

 

[Regulation 29 substituted by regulation 18 of Notice No. R. 1062 of 2017]