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

Chapter 4 : Compliance and Enforcement

61B. Failure to comply with duty in regard to governance
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(1)The board of directors or senior management, or both, of an accountable institution that fails to ensure compliance in accordance with section 42A(1) is non-compliant and is subject to an administrative sanction.

 

(2)An accountable institution that fails to appoint a person in accordance with section 42A(2) or 42A(4) is non-compliant and is subject to an administrative sanction.

 

(3)A person that fails to ensure compliance in accordance with section 42A(3) is non-compliant and is subject to an administrative sanction.

 

[Section 61B inserted by section 47 of the Financial Intelligence Centre Amendment Act, 2017 (Act No. 1 of 2017)]