Page 11..20 No. 31365
GOVERNMENT GAZETTE, 27 AUGUST 2008
Act No. 11, 2008 FINANCIAL INTELLIGENCE CENTRE AMENDMENT ACT, 2008
(b) has failed to comply with a condition of a licence, registration, approval or authorisation issued or amended in accordance with section 45(1B)(c);
(c) has failed to comply with a directive issued in terms section 34(1) or 43A(3); or
(d) has failed to comply with a non-financial administrative sanction imposed in terms of this section.
(2) When determining an appropriate administrative sanction, the Centre or the supervisory body must consider the following factors:
(a) The nature, duration, seriousness and extent of the relevant non-compliance;
(b) whether the institution or person has previously failed to comply with any law;
(c) any remedial steps taken by the institution or person to prevent a recurrence of the non-compliance;
(d) any steps taken or to be taken against the institution or person by—
(i) another supervisory body; or
(ii) a voluntary association of which the institution or person is a member; and
(e) any other relevant factor, including mitigating factors.
(3) The Centre or supervisory body may impose any one or more of the following administrative sanctions:
(a) A caution not to repeat the conduct which led to the non-compliance referred to in subsection (1);
(b) a reprimand;
(c) a directive to take remedial action or to make specific arrangements;
(d) the restriction or suspension of certain specified business activities; or
(e) a financial penalty not exceeding R10 million in respect of natural persons and R50 million in respect of any legal person.
(4) The Centre or supervisory body may—
(a) in addition to the imposition of an administrative sanction, make recommendations to the relevant institution or person in respect of compliance with this Act or any order, determination or directive made in terms of this Act;
(b) direct that a financial penalty must be paid by a natural person or persons for whose actions the relevant institution is accountable in law, if that person or persons was or were personally responsible for the non-compliance;
(c) suspend any part of an administrative sanction on any condition the Centre or the supervisory body deems appropriate for a period not exceeding five years.
(5) Before imposing an administrative sanction, the Centre or supervisory body must give the institution or person reasonable notice in writing—
(a) of the nature of the alleged non-compliance;
(b) of the intention to impose an administrative sanction;
(c) of the amount or particulars of the intended administrative sanction; and
(d) that the institution or person may, in writing, within a period specified in the notice, make representations as to why the administrative sanction should not be imposed.
(b)(a) After considering any representations and the factors referred to in subsection (2), the Centre, subject to paragraph (c), or supervisory body may impose an administrative sanction the Centre or supervisory body considers appropriate.
(b) Upon imposing the administrative sanction the Centre or supervisory body must, in writing, notify the institution or person—
(i) of the decision and the reasons therefor; and