(1) A gazetted police officer may apply to a judge in chambers in accordance with subsection (2) for an order (in this section called a “monitoring order”) directing a financial institution to give information to a police officer.
(2) An application under subsection (1) shall be made ex parte and shall be in writing and be accompanied by an affidavit.
(3) A monitoring order shall direct a financial institution to disclose information obtained by the institution about transactions conducted through an account held by a particular person with the institution.
(4) A monitoring order shall apply in relation to transactions conducted during the period specified in the order, being a period commencing not earlier than the day on which notice of the order is given to the financial institution and ending not later than 3 months after the date of the order.
(5) A judge shall not make a monitoring order unless he or she is satisfied that there are reasonable grounds for suspecting that the person in respect of whose account the information is sought—
(a) has committed, or is about to commit a criminal conduct; (Amended by Act 4 of 2010)
(b) was involved in the commission, or is about to be involved in the commission of a criminal conduct; or (Amended by Act 4 of 2010)
(c) has benefited directly or indirectly, or is about to benefit directly or indirectly, from the commission of a criminal conduct. (Amended by Act 4 of 2010)
(6) A monitoring order shall specify—
(a) the name or names in which the account is believed to be held;
(b) the class of information that the institution is required to give; and
(c) the name or names of the police officer to whom the information is to be given and the manner in which the information is to be given.
(7) Where a financial institution is, or has been, subject to a monitoring order, the fact that the monitoring order is made shall be disregarded for the purposes of the application of sections 60 and 61 in relation to the institution.
(8) Where a financial institution that has been given notice of a monitoring order knowingly—
(a) contravenes the order; or
(b) provides false or misleading information in purported compliance with the order,
the institution commits an offence against this subsection and is liable on summary conviction to a fine of $ 1 million.
(9) A reference in this section to a transaction conducted through an account includes a reference to—
(a) the making of a fixed term deposit;
(b) in relation to a fixed term deposit, the transfer of the amount deposited or any part thereof, at the end of the term; and
(c) the opening, existence or use of a deposit box held by the institution.