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

Chapter 4 : Compliance and Enforcement

56. Failure to report electronic transfers
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(1)An accountable institution that fails to report to the Centre the prescribed information in respect of an electronic transfer of money in accordance with section 31, is guilty of an offence.

 

(2)An accountable institution that fails to report to the Centre the prescribed information in respect of an electronic transfer of money in accordance with section 31, is non-compliant and is subject to an administrative sanction.

 

[Section 56 substituted by section 43 of the Financial Intelligence Centre Amendment Act, 2017 (Act No. 1 of 2017)]