I2 Reporting
STR & CTR Forms
The EFIU is currently undergoing a process of capacity building that focuses mainly on introducing accountable institutions to the EFIU as the main regulator of anti-money laundering and counter financing of terrorism in the country. Part of this process includes familiarizing the accountable institutions as to the requirements of the Act relevant to them.
After being satisfied that an accountable institution has been made aware of what is expected of them, the EFIU has the authority to monitor enforcement and apply sanctions for non-compliance.
The possible penalties as listed in the Act are as follows:
| Offence | Individual Penalty | Body Corporate Penalty |
|---|---|---|
| Money laundering | 10 years or fine of not less than E100 000 or both | Fine of not less than E250 000 or loss of authority or both |
| Financing of terrorism | 10 years or fine of not less than E100 000 or both | Fine of not less than E250 000 or loss of authority or both |
| Failure to establish and verify identity of persons and transactions | 1 year imprisonment or fine of not less than E30 000 | Fine of not less than E100 000 |
| Failure to maintain records | 1 year imprisonment or fine of not less than E30 000 | Fine of not less than E100 000 |
| Failure to maintain account in true name | 1 year imprisonment or fine of not less than E30 000 | Fine of not less than E100 000 |
| Failure to report suspicious transactions | 1 year imprisonment or fine of not less than E30 000 | Fine of not less than E100 000 |
| Failure to formulate and implement internal rules | 1 year imprisonment or fine of not less than E30 000 | Fine of not less than E100 000 |
| Failure to appoint compliance officer or provide training | 1 year imprisonment or fine of not less than E30 000 | Fine of not less than E100 000 |
| Opening an account in fictitious, false or incorrect name | 1 year imprisonment or fine of not less than E30 000 | Fine of not less than E100 000 |
| Providing false or misleading statements | 5 years imprisonment or fine of not less than E50 000 | Fine of not less than E100 000 |
| Unauthorised disclosure of suspicious transaction reports and other information | 5 years imprisonment or fine of not less than E50 000 | Fine of not less than E100 000 |
| Obstructing of official in performance of functions | 5 years imprisonment or fine of not less than E50 000 | Fine of not less than E100 000 |
| Failure to comply with monitoring and restraint order | 5 years imprisonment or fine of not less than E50 000 | Fine of not less than E100 000 |