Page 86 - FIC ANTI MONEY LAUNDERING AND COUNTER-TERRORISM FINANCING LEGISLATION
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Chapter 4 I FIC Act
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(2) An accountable institution, reporting institution or any other person that fails to comply with a provision of section 26B is non-compliant and is subject to an administrative sanction.
50. Failure to advise Centre of client
(1) An accountable institution, reporting institution or person that is required to make a report in terms of section 29 that fails to inform the Centre in accordance with section 27, is guilty of an offence.
(2) An accountable institution, reporting institution or any other person that fails to inform the Centre in accordance with section 27 is non- compliant and is subject to an administrative sanction.
51. Failure to report cash transactions
(1) An accountable institution or reporting institution that fails, within the prescribed period, to report to the Centre the prescribed information in respect of a cash transaction in accordance with section 28, is guilty of an offence.
(2) An accountable institution or reporting institution that fails, within the prescribed period, to report to the Centre the prescribed information in respect of a cash transaction in accordance with section 28, is non- compliant and is subject to an administrative sanction.
51A. Failure to report property associated with terrorist and related activities and financial sanctions pursuant to Resolutions of United Nations Security Council
(1) An accountable institution that has in its possession or under its control property owned or controlled by or on behalf of, or at the direction of an entity contemplated in section 28A(1), and that fails, within the prescribed period, to report that fact and the prescribed information in respect of such property to the Centre in accordance with that section, is guilty of an offence.
(2) An accountable institution that fails to comply with a direction by the Director in accordance with section 28A(2), is guilty of an offence.
(3) An accountable institution that fails to scrutinise the information as contemplated in section 28A(3), is guilty of an offence.
