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Financial Intelligence Centre Amendment Act, No. 1 of 2017

Long title


To amend the Financial Intelligence Centre Act, 2001, so as to define or further define certain expressions; to extend the objectives of the Centre so as to provide for the additional sharing of information and for the Centre to assist in the implementation of financial sanctions and to administer measures pursuant to resolutions adopted by the Security Council of the United Nations; to extend the functions of the Centre so as to provide for the additional sharing of information and to provide for guidance to accountable institutions in respect of the freezing of property and transactions pursuant to resolutions adopted by the Security Council of the United Nations; to abolish the Counter Money Laundering Advisory Council; to provide for a risk based approach to client identification and verification; to provide for the strengthening of customer due diligence measures including with respect to beneficial ownership and persons in prominent positions; to provide for the obligation to keep identity and verification and transaction records; to set out the procedure in respect of financial sanction control measures pursuant to the notification of persons and entities identified by the Security Council of the United Nations; to specify the content of the memorandum of understanding between the Centre and a supervisory body; to provide for access to information on suspicious and unusual transactions to specified supervisory bodies during inspections; to provide for Risk Management and Compliance Programmes, governance and training relating to anti-money laundering and counter terrorist financing; to provide for a warrant to conduct certain inspections; to provide for a financial penalty to be paid into the National Revenue Fund; to provide for further procedural issues in respect of appeals; to make further provision for offences; to provide that certain types of non-compliance are subject to administrative sanctions; to adjust the regulation-making powers for general matters; to provide for public comment before instruments are issued under the Act and arrangements on consultation with stakeholders on matters of mutual interest; to increase the maximum penalties that may be imposed in the regulations; and to provide for matters connected therewith.

Table of contents

SECTION TITLE
1. Amendment of section 1 of Act 38 of 2001...
2. Amendment of section 3 of Act 38 of 2001...
3. Amendment of section 4 of Act 38 of 2001...
4. Amendment of section 6 of Act 38 of 2001
5. Repeal of Chapter 2 of Act 38 of 2001
6. Substitution of heading of Chapter 3 of Act 38 of 2001
7. Substitution of heading to Part 1 of Chapter 3 of Act 38 of 2001
8. Insertion of section 20A in Act 38 of 2001
9. Amendment of section 21 of Act 38 of 2001
10. Insertion of sections 21A, 21B, 21C, 21D, 21E, 21F, 21G and 21H in Act 38 of 2001
11. Substitution of section 22 of Act 38 of 2001
12. Insertion of section 22A in Act 38 of 2001
13. Substitution of section 23 of Act 38 of 2001
14. Substitution of section 24 of Act 38 of 2001
15. Substitution of section 25 of Act 38 of 2001
16. Repeal of section 26 of Act 38 of 2001...
17. Insertion of Part 2A and sections 26A, 26B and 26C in Act 38 of 2001
18. Amendment of section 27 of Act 38 of 2001
19. Insertion of section 27A in Act 38 of 2001
20. Amendment of section 28A of Act 38 of 2001...
21. Amendment of section 29 of Act 38 of 2001...
22. Amendment to section 32 of Act 38 of 2001
23. Amendment to section 34 of Act 38 of 2001...
24. Substitution of section 35 of Act 38 of 2001...
25. Substitution of section 40 of Act 38 of 2001...
26. Insertion of section 41A in Act 38 of 2001
27. Substitution of section 42 of Act 38 of 2001
28. Insertion of sections 42A and 42B in Act 38 of 2001
29. Substitution of section 43 of Act 38 of 2001
30. Amendment of section 43A of Act 38 of 2001...
31. Amendment of section 45 of Act 38 of 2001...
32. Amendment of section 45B of Act 38 of 2001...
33. Amendment of section 45C of Act 38 of 2001...
34. Amendment of section 45D of Act 38 of 2001...
35. Substitution of section 46 of Act 38 of 2001
36. Insertion of section 46A in Act 38 of 2001
37. Substitution of section 47 of Act 38 of 2001
38. Substitution of section 49 of Act 38 of 2001
39. Insertion of section 49A in Act 38 of 2001
40. Substitution of section 50 of Act 38 of 2001
41. Substitution of section 51 of Act 38 of 2001
42. Substitution of section 51A of Act 38 of 2001...
43. Substitution of section 56 of Act 38 of 2001
44. Substitution of section 58 of Act 38 of 2001
45. Amendment of section 60 of Act 38 of 2001...
46. Substitution of sections 61 and 61A of Act 38 of 2001
47. Insertion of section 61B in Act 38 of 2001
48. Substitution of section 62 of Act 38 of 2001
49. Insertion of section 62E in Act 38 of 2001
50. Amendment of section 68 of Act 38 of 2001...
51. Substitution of section 69 of Act 38 of 2001
52. Amendment of section 73 of Act 38 of 2001
53. Substitution of section 74 of Act 38 of 2001
54. Amendment of section 75 of Act 38 of 2001
55. Amendment of section 76 of Act 38 of 2001
56. Substitution of section 77 of Act 38 of 2001
57. Insertion of section 77A in Act 38 of 2001
58. Insertion of sections 79A and 79B in Act 38 of 2001
59. Insertion of Schedules 3A and 3B in Act 38 of 2001
60. Substitution of long title of Act 38 of 2001
61. Short title and commencement
.
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