Section 56: Failure to report electronic transfers

## 56. Failure to report electronic transfers

(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

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and is subject to an administrative sanction.