Section 14: Reporting of suspicious transaction by

14. Reporting of suspicious transaction by reporting person or auditor (ii) by repealing subsection (1) and replacing it by the following subsection – (1) Notwithstanding section 300 of the Criminal Code and any other enactment, every reporting person or auditor shall, as soon as he becomes aware of a suspicious transaction, make a report to FIU of such transaction not later than 5 working days after the suspicion arose. (iii) by inserting, after subsection (1B), the following new subsection – (1C) For the purpose of subsection (1), the burden of reporting a suspicious transaction to FIU shall, in the case of a credit union, be on the internal controller of the credit union. (iv) by repealing subsection (2); (v) by adding the following new subsection – (3) Where a reporting person or an auditor – (a) becomes aware of a suspicious transaction; or 142 Acts 2020 (b) ought reasonably to have become aware of a suspicious transaction, and he fails to make a report to FIU of such transaction not later than 5 working days after the suspicion arose he shall commit an offence and shall, on conviction, be liable to a fine not exceeding one million rupees and to imprisonment for a term not exceeding 5 years. (h) in section 14C, by inserting, after the words “reporting person”, the words “or auditor”; (i) in section 15, in subsection (2) – (i) in paragraph (c), by deleting the words “to the bank, financial institution, cash dealer or member of relevant profession or occupation, as the case may be” and replacing them by the words “with the reporting person or auditor”; (ii) in paragraph (d), by deleting the words “bank, financial institution, cash dealer, or member of a relevant profession or occupation, as the case may be” and replacing them by the words “reporting person or auditor”; (j) in section 16 – (i) in subsection (1), by deleting the words “and its officers” and replacing them by the words “and auditor, and any of their officers”; (ii) in subsection (2), by repealing paragraph (b) and replacing it by the following paragraph – (b) supplied in good faith any information to FIU pursuant to a request made under section 13(2), (3) or (6). Acts 2020 143 (k) in section 19, by repealing subsection (1) and replacing it by the following subsection – (1) Any reporting person, or any director, employee, agent or other legal representative of a reporting person who, knowingly or without reasonable excuse – (a) fails to comply with section 17, 17A, 17B, 17C, 17D, 17E, 17F or 17G; (b) destroys or removes any record, register or document which is required under this Act or any regulations; or (c) facilitates or permits the performance under a false identity of any transaction falling within this Part, shall commit an offence and shall, on conviction, be liable to a fine not exceeding 10 million rupees and to imprisonment for a term not exceeding 5 years. (l) in section 19E, in the heading, by adding the words “for purpose of conducting risk assessment”; (m) by inserting, after section 19F, the following new section –