| 2.1 | Failure by a Reporting Financial Institution to submit a return as required by a public notice issued under section 26 of the Act. |
| 2.2 | Failure by a Reporting Financial Institution to remedy the partial or non-implementation of a due diligence requirement under the Regulations within 60 days of the notification by SARS of the partial or non-implementation of the requirement. |
| 2.3 | Failure by a Reporting Financial Institution to remedy the non-compliance with any obligation under the Regulations within 60 days of the notification by SARS of the non-compliance. |
| 2.4 | Failure by a Reporting Financial Institution to, within 60 days of notification by SARS, provide the prescribed details of─ |
| (a) | a Reportable Person that is an Account Holder; |
| (b) | if the Reportable Person is an Entity, any Controlling Person of that Entity; |
| (d) | any class of the above persons, |
who has failed under section 26(4) of the Act to provide any information, document or thing that is required by the Reporting Financial Institution to comply with due diligence requirements and submit a return to SARS for purposes of the Regulations.
| (a) | a Reportable Person that is an Account Holder; |
| (b) | if the Reportable Person is an Entity, any Controlling Person of that Entity; or |
listed by a Reporting Financial Institution in response to a notice contemplated in paragraph 2.4, to comply with the person’s obligations under section 26(4) of the Act.
