Financial Intelligence Centre Act, 2001 (Act No. 38 of 2001)

Chapter 4 : Compliance and Enforcement

52. Failure to report suspicious or unusual transactions
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(1)Any person who fails, within the prescribed period, to report to the Centre the prescribed information in respect of a suspicious or unusual transaction or series of transactions or enquiry in accordance with section 29(1) or (2), is guilty of an offence.

 

(2)Any person referred to in section 29(1) or (2) who reasonably ought to have known or suspected that any of the facts referred to in section 29(1)(a), (b) or (c) or section 29(2) exists, and who negligently fails to report the prescribed information in respect of a suspicious or unusual transaction or series of transactions or enquiry, is guilty of an offence.

 

(3) An accountable institution, reporting institution or any other person that fails, within the prescribed period, to report to the Centre the prescribed information in respect of a suspicious or unusual transaction or series of transactions or enquiry in accordance with section 29(1) or (2), is non-compliant and is subject to an administrative sanction.

[Section 52(3) inserted by section 42 of the General Laws (Anti-Money Laundering & Combating Terrorism Financing) Amendment Act, 2022 (Act No. 22 of 2022) Notice No. 1532, GG47802, dated 29 December 2022 - effective 31 December 2022 per Proclamation Notice 109 (a), GG47805, dated 31 December 2022]

 

(4) An accountable institution, reporting institution or any other person that reasonably ought to have known or suspected that any of the facts referred to in section 29(1)(a), (b) or (c) or section 29(2) exists, and who negligently fails to report the prescribed information in respect of a suspicious or unusual transaction or series of transactions or enquiry, is non-compliant and is subject to an administrative sanction.

[Section 52(4) inserted by section 42 of the General Laws (Anti-Money Laundering & Combating Terrorism Financing) Amendment Act, 2022 (Act No. 22 of 2022) Notice No. 1532, GG47802, dated 29 December 2022 - effective 31 December 2022 per Proclamation Notice 109 (a), GG47805, dated 31 December 2022]