Financial Intelligence Centre Act, 2001 (Act No. 38 of 2001)Chapter 4 : Compliance and Enforcement46. 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 contravention of section 21(2) is non-compliant and is subject to an administrative sanction. |
[Section 46(3E) substituted by section 35 of the Financial Intelligence Centre Amendment Act, 2017 (Act No. 1 of 2017)]