Statistics Act, 1999
R 385
Financial Intelligence Centre Act, 2001 (Act No. 38 of 2001)Chapter 4 : Compliance and Enforcement61. Failure to comply with duty in respect of Risk Management and Compliance Programme |
[Section 61 heading substituted by section 46 of the Financial Intelligence Centre Amendment Act, 2017 (Act No. 1 of 2017)]
An accountable institution that fails to—
| (a) | develop, document, maintain and implement an anti-money laundering and counter terrorist financing risk management and compliance programme in accordance with section 42(1), (2) and (2A); |
| (aA) | obtain approval for its Risk Management and Compliance Programme in accordance with section 42(2B); |
| (aB) | review its Risk Management and Compliance Programme at regular intervals in accordance with section 42(2C); |
| (b) | make the Risk Management and Compliance Programme available to its employees in accordance with section 42(3); or |
| (c) | make a copy of its Risk Management and Compliance Programme available to the Centre or a supervisory body in terms of section 42(4), |
is non-compliant and is subject to an administrative sanction.
[Section 61 substituted by section 46 of the Financial Intelligence Centre Amendment Act, 2017 (Act No. 1 of 2017)]
