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Regulations section 29

Section 29: Offences and penalties and administrative sanctions for non-compliance

In force from 3 February 2003

## 29. Offences and penalties and administrative sanctions for non-compliance

(1)

(2)

(3)

(4)

(5)

(6) Any accountable institution which fails to inform the Centre or the relevant supervisory body of particulars concerning third parties keeping records in accordance with regulation 20 is non-compliant and is subject to an administrative sanction.

(6A) Any person or institution which fails to provide the information to be reported concerning a terrorist property report in accordance with regulation 22A is guilty of an offence.

(6B) Any person or institution which fails to provide the information to be reported concerning a terrorist property report in accordance with regulation 22A is non-compliant and is subject to an administrative sanction.

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(6C) Any person or institution which fails to provide the information to be reported concerning a cash threshold report in accordance with regulation 22C is guilty of an offence.

(6D) Any person or institution which fails to provide the information to be reported concerning a cash threshold report in accordance with regulation 22C is non-compliant and is subject to an administrative sanction.

(6E) Any person or institution which fails to provide the information to be reported concerning a suspicious or unusual transaction report in accordance with regulation 23 is guilty of an offence.

(6F) Any person or institution which fails to provide the information to be reported concerning a suspicious or unusual transaction report in accordance with regulation 23 is non-compliant and is subject to an administrative sanction.

(6G) Any person or institution which fails to provide the information to be reported concerning a suspicious or unusual activity report in accordance with regulation 23A is guilty of an offence.

(6H) Any person or institution which fails to provide the information to be reported concerning a suspicious or unusual activity report in accordance with regulation 23A is non-compliant and is subject to an administrative sanction.

(6I) Any person or institution which fails to provide the information to be reported concerning a terrorist financing transaction report in accordance with regulation 23B is guilty of an offence.

(6J) Any person or institution which fails to provide the information to be reported concerning a terrorist financing transaction report in accordance with regulation 23B is non-compliant and is subject to an administrative sanction.

(6K) Any person or institution which fails to provide the information to be reported concerning a terrorist financing activity report in accordance with regulation 23C is guilty of an offence.

(6L) Any person or institution which fails to provide the information to be reported concerning a terrorist financing activity report in accordance with regulation 23C is non-compliant and is subject to an administrative sanction.

(6M) Any person or institution which fails to provide the information to be reported concerning an international funds transfer report in accordance with regulation 23E is guilty of an offence.

(6N) Any person or institution which fails to provide the information to be reported concerning an international funds transfer report in accordance with regulation 23E is non-compliant and is subject to an administrative sanction.

(7) Any person or institution which fails to send a report to the Centre within the period referred to in regulation 24 or 24A is non-compliant and is subject to an administrative

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sanction.

(8)

(9) Any person or institution convicted of an offence under this regulation is liable to imprisonment for a period not exceeding three years or a fine not exceeding R1 million.

## 30. Title and commencement

(1) These regulations are called the Money Laundering and Terrorist Financing Control Regulations.

(2) Chapter 4 and regulations 29(7) and (9) shall come into operation on 3 February 2003.

(3) Regulation 1, Chapters 1, 2, 3, and 5 and regulations 28 and 29(1), (2), (3), (4), (5), (6) and (8) shall come into operation on 30 June 2003.

## ANNEXURE

Form 1