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
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(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.

 

(6M) Any person or institution which fails to provide the information to be reported concerning an international funds transfer report in accordance with regulation 23E is guilty of an offence.

[Regulation 29(6M) inserted by section 5 of Notice No. 2943, GG47883, dated 20 January 2023 - effective 1 February 2023]

 

(6N) Any person or institution which fails to provide the information to be reported concerning an international funds transfer report in accordance with regulation 23E is non-compliant and is subject to an administrative sanction.

[Regulation 29(6N) inserted by section 5 of Notice No. 2943, GG47883, dated 20 January 2023 - effective 1 February 2023]

 

(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.