(1) The Minister may make Regulations to give effect to this Act.
(2) Without limiting the generality of subsection (1), the Minister may make Regulations with respect to —
(a) procedures for identifying a person to be designated as a listed entity, including, the continuous assessment and updating of client information by a financial institution, other business activity or a person;
(b) procedures to be taken by the Financial Intelligence Authority to secure compliance with this Act or to prevent the commission of an unsafe or unsound practice;
(c) procedures for the review and de-listing of a listed entity;
(d) the imposition of administrative, civil, and criminal penalties with fines not exceeding $100,000 for contravening the Regulations;
(e) forms or other matters required to be done under this Act.
(Substituted by Act 17 of 2023)