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Financial Intelligence Centre Amendment Act, No. 1 of 2017
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.
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