(1) The Competent Authority may, to monitor compliance by a Reporting Financial Institution with this Act, serve a notice in writing on the Reporting Financial Institution to provide information under this Act.
(2) A notice issued under subsection (1) must —
(a) contain details of the information required;
(b) identify the purpose for which the information is requested and the manner in which it will be used;
(c) inform the Reporting Financial Institution of the confidentiality and data safeguards under which the information provided will be protected;
(d) direct the Reporting Financial Institution to deliver the information;
(e) specify the time within which the information sought in the notice is to be delivered to the Competent Authority.
(3) A Reporting Financial Institution may, in writing, request an extension of time to comply with a notice issued under subsection (1).
(4) The Competent Authority may extend the time specified in the notice issued under subsection (1).
(5) A Reporting Financial Institution that is directed by a notice to deliver information to the Competent Authority shall deliver that information to the Competent Authority in accordance with the notice.
(6) Where a Reporting Financial Institution fails to comply with a notice issued under this section, a public officer authorized by the Competent Authority may apply to a magistrate for a warrant for the purpose of enforcing the notice.
(7) A Reporting Financial Institution shall not —
(a) in, or in connection with, delivering information under this section, wilfully tamper with or alter any information or any part of the information so that the information or any aspect of it is false when received by the Competent Authority;
(b) wilfully alter, destroy, damage or conceal any information required by the Competent Authority under this section.
(8) A Reporting Financial Institution that contravenes subsection (7) is liable to a penalty of $50,000.00.
(Inserted by Act 10 of 2021)