Page 65 - FIC ANTI MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING LEGISLATION

Chapter 3 I FIC Act
43. Training relating to anti-money laundering and counter terrorist financing compliance
An accountable institution must provide ongoing training to its employees to enable them to comply with the provisions of this Act and the Risk Management and Compliance Programme which are applicable to them.
43A. Directives
(1) (a)
The Centre may, by notice in the Gazette, issue a directive to all institutions to whom the provisions of this Act apply–
(i) regarding the application of this Act; or
(ii) which reasonably may be required to give effect to the Centre’s objectives contemplated in section 3.
(b) The Centre may issue a directive in terms of paragraph (a) only after consulting with supervisory bodies on that directive.
(2) The Centre or a supervisory body may, in writing, issue a directive to any category of accountable institutions or category of reporting institutions or other category of persons to whom the provisions of this Act apply–
(a) regarding the application of this Act; or
(b) which reasonably may be required to give effect to the Centre’s objectives contemplated in section 3.
(3) The Centre or a supervisory body may in writing, over and above any directive contemplated in subsection (1) or (2), issue a directive to any accountable institution, category of accountable institutions, reporting institution, category of reporting institutions or other person to whom the provisions of this Act apply, to–
(a) provide the Centre or that supervisory body, as the case may be–
(i) with the information, reports or statistical returns specified in the notice, at the time or at the intervals specified in the notice; and
(ii) within the period specified in the notice, with any document in its possession or custody or under its control;
63