(1) For purposes of carrying out its function under section 5, the Authority has the power to —
(a) enter into the premises of a financial institution or person engaged in other business activity during normal working hours and inspect a transaction record kept by the financial institution or person engaged in other business activity whether or not a suspicious transaction report has been made by the financial institution or person engaged in other business activity; (Amended by Act 20 of 2016)
(b) require from any person, institution or organization the production of any information that the Authority considers relevant to the fulfilment of its functions;
(c) ask questions relevant to a transaction record inspected under paragraph (a);
(d) make notes or take a copy of part or all of the transaction record inspected under paragraph (a);
(e) instruct a financial institution or person engaged in other business activity to take steps as may be appropriate to facilitate an investigation by the Authority;
(f) issue from time to time guidelines to financial institutions or persons engaged in business activity as to compliance with this Act and Regulations made under this Act;
(g) interview and take statements from any person in relation to a money laundering, terrorist financing and proliferation financing offence; (Amended by Act 16 of 2021)
(h) inspect and conduct audits of a financial institution, subject to section 14C(1), or a person engaged in other business activity to determine compliance with this Act; (Substituted by Act 16 of 2021)
(i) enter into bilateral or multilateral arrangements with Foreign Financial Intelligence Units or foreign law enforcement agencies to enable joint investigations of money laundering, terrorist financing and proliferation financing. (Inserted by Act 16 of 2021)
(Substituted by Act 20 of 2016)
(2) Any person failing or refusing to provide the information as is required under subsection (1)(b) commits an offence and is liable on summary conviction, to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 10 years or both.
(3) A financial institution or person engaged in other business activity who fails to answer any question under subsection (1)(c) commits an offence and is liable on summary conviction to a fine not exceeding $50,000 or imprisonment for a term not exceeding 10 years. (Inserted by Act 20 of 2016)
(4) For the purposes of subsection (1)(d) the expression “take a copy” includes making an electronic, a digital, microfiche copy or photocopy. (Inserted by Act 20 of 2016)
(5) (Inserted by Act 13 of 2019 and deleted by Act 16 of 2021)