Section 19K: Inspections
This section is inserted by Act No 10 of 2024, section 7.
consolidated text (as at 2016, amended since). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.
19K. Inspections
(ii) in subsection (1), by repealing paragraph (a) and
replacing it by the following paragraph –
(a) A regulatory body may, at any
time and in such manner as it may determine, cause to
be carried out on the business premises of a member
falling under its purview or at such other place as it
may determine, an inspection and an audit of its books
and records to verify whether the member is complying
or has complied with this Act or the United Nations
(Financial Prohibitions, Arms Embargo and Travel Ban)
Sanctions Act, or any regulations made or guidelines
issued under those Acts.
(k) in section 19Z, in subsection (1), by inserting, after the words
“to effectively”, the words “supervise and”.
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Questions this section answers
- Can a regulatory body inspect a member's premises and records to check it is following anti-money-laundering rules?