S.L. 373.1 Art. 15Reporting procedures and obligations. 

(1) The reporting procedures which a subject person is required to have and implement in terms of regulation

5(5)(a)(i) shall provide for –

(a) the appointment by the subject person of one of its officers of sufficient seniority and command as the reporting officer, who may be the same officer referred to in regulation 5(5)(c), and to whom officers and employees of the subject person are to report any information or other matter which may give rise to a knowledge or suspicion that funds, regardless of the amount involved, are the proceeds of criminal activity or are related to funding of terrorism, or that a person may have been, is or may be connected with money laundering or the funding of terrorism;

(b) the consideration of any such report by the reporting officer or by another designated employee of the subject person, in the light of all other relevant information, for the purpose of determining whether or not the information or other matter contained in the report does give rise to a knowledge or suspicion that funds, regardless of the amount involved, are the proceeds of criminal activity or are related to funding of terrorism, or that a person may have been, is or may be connected with money laundering or the funding of terrorism;

(c) unrestricted access for the reporting officer or another designated employee to any relevant information held by the subject person;

(d) a procedure whereby the reporting officer or another designated employee submits a report to the Financial Intelligence Analysis Unit in accordance with sub-regulation

(3) whenever he determines that there is knowledge or suspicion that funds, regardless of the amount involved, are the proceeds of criminal activity or are related to funding of terrorism, or that a person may have been, is or may be connected with money laundering or the funding of terrorism;

(e) notifying the Financial Intelligence Analysis Unit and the relevant supervisory authority, where applicable, of the details of the appointed reporting officer and any subsequent changes thereto and the appointment of a designated employee for the purposes of paragraphs (b) to (d); and AND FUNDING OF TERRORISM

(f) the approval by the reporting officer of any employee designated by the subject person for the purposes of paragraphs (b) to (d) who shall work under his direction.

(2) A supervisory authority shall maintain internal reporting procedures in accordance with the provisions of sub-regulation (1).

(3) Where a subject person knows, suspects or has reasonable grounds to suspect that funds, regardless of the amount involved, are the proceeds of criminal activity or are related to funding of terrorism, or that a person may have been, is or may be connected with money laundering or the funding of terrorism, or that an attempt has been made to carry out a transaction or activity related to such proceeds or funding of terrorism , that subject person shall, promptly disclose that information, supported by the relevant identification and other documentation, to the Financial Intelligence Analysis Unit through such channels and in such format as the Financial Intelligence Analysis Unit may direct.

(4) Where a subject person knows or suspects that a transaction is or may be related to proceeds of criminal activity or the funding of terrorism, the subject person shall not carry out that transaction until it has informed the Financial Intelligence Analysis Unit in accordance with this regulation and, upon informing the Financial Intelligence Analysis Unit, it shall refrain from executing that transaction as provided for under article 28 of the Act.

(5) Where it is not possible for a subject person to refrain from carrying out a transaction prior to informing the Financial Intelligence Analysis Unit as provided for in sub-regulation (4) or where refraining from carrying out any such transaction is likely to frustrate efforts of investigating or pursuing the beneficiaries of the suspected money laundering or funding of terrorism operations, the subject person shall accordingly inform the Financial Intelligence Analysis Unit immediately after the transaction is effected.

(6) Where, following the consideration of an internal report in accordance with sub-regulation (1)(b), the reporting officer or other designated employee determines that no reporting to the Financial Intelligence Analysis Unit is required in terms of this regulation, the reporting officer shall record the reasons for such determination in writing and, upon request, shall make it available to the Financial Intelligence Analysis Unit or a supervisory authority acting on behalf of the Financial Intelligence Analysis Unit in monitoring compliance with these regulations.

(7) Where a supervisory authority discovers facts or obtains any information that is related to funds which are known or suspected to be related to proceeds of criminal activity or the funding of terrorism, or to a person who may have been, is or may be connected with money laundering or the funding of terrorism, or to an attempt to carry out a transaction or activity related to proceeds of criminal activity or funding of terrorism, that supervisory authority shall, promptly, disclose those facts or that information, supported by the relevant documentation that may be available, to the Financial Intelligence Analysis Unit.

(8) Where, following a submission of a disclosure as in sub-regulation (3), or for any other reason as is allowed by law, the Financial Intelligence Analysis Unit demands information from the disclosing or any other subject person, that subject person shall comply as soon as is reasonably practicable but not later than five working days from when the request is first made, and shall reply through such channels and in such format as the Financial Intelligence Analysis Unit may direct:

Provided that the Financial Intelligence Analysis Unit may, where it deems so necessary, demand that the information be submitted within a shorter period of time;

Provided further that a subject person may make representations justifying why the requested information cannot be submitted within the said time and the Financial Intelligence Analysis Unit may, at its discretion and after having considered such representations, extend such time as is reasonably necessary to obtain the information, whereupon the subject person shall submit the information requested within the time as extended.

(9) Subject persons carrying out a relevant activity under paragraph (a) or paragraph (c) of the definition ''relevant activity'' shall not be bound by the provisions of sub-regulations (3), (4) and

(8) in relation to information that is received or obtained in the course of ascertaining the legal position of their client or performing their responsibility of defending or representing that client in, or concerning, judicial proceedings, including advice on instituting or avoiding proceedings, whether such information is received or obtained before, during or after such proceedings.

(10) Any communication or disclosure made by a bona fide supervisory authority or by a subject person or by an employee or director of such a supervisory authority or subject person in accordance with these regulations shall not be treated as a breach of the duty of professional secrecy or any other restriction (whether imposed by statute or otherwise) upon the disclosure of information and shall not involve that supervisory authority or subject person or the directors or employees of such supervisory authority or subject person in any liability of any kind, even in circumstances where they were not precisely aware of the underlying criminal activity and regardless of whether illegal activity actually occurred. AND FUNDING OF TERRORISM

(11) The Financial Intelligence Analysis Unit shall, wherever practicable and as may be allowed by the provisions of the Act, provide subject persons and, where applicable, supervisory authorities with timely feedback on the effectiveness of suspicious transaction reports and of any other information it receives under this regulation.