Page 85 - FIC ANTI MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING LEGISLATION

Chapter 4 I FIC Act
46. Failure to identify persons
(1) An accountable institution that performs any act to give effect to a business relationship or single transaction in contravention of section 21(1) or (1A) is non-compliant and is subject to an administrative sanction.
(2) An accountable institution that concludes any transaction in contra- vention of section 21(2) is non-compliant and is subject to an administrative sanction.
46A. Failure to comply with duty in regard to customer due diligence
An accountable institution that fails to comply with the duty to perform additional due diligence measures in accordance with section 21A, 21B, 21C, 21D, 21E, 21F, 21G or 21H is non-compliant and is subject to an administrative sanction.
47. Failure to keep records
An accountable institution that fails to–
(a) keep a record of information in terms of section 22(1), or 22A(1) or (2);
(b) keep such records in accordance with section 23 or 24(1); or
(c) comply with the provisions of section 24(3),
is non-compliant and is subject to an administrative sanction.
48. Destroying or tampering with records
Any person who wilfully tampers with a record kept in terms of section 22 or section 24(1), or wilfully destroys such a record, otherwise than in accordance with section 23, is guilty of an offence.
49. Failure to give assistance
An accountable institution that fails to give assistance to a representative of the Centre in accordance with section 27A(5), is guilty of an offence.
49A. Contravention of prohibitions relating to persons and entities identified by Security Council of United Nations
(1) Any person who contravenes a provision of section 26B is guilty of an offence.
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