Section 19K: Inspections
This section is inserted by The Anti-money Laundering and Combatting the Financing of Terrorism and Proliferation (Miscellaneous Provisions) Act 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 business's premises and audit its books to check money-laundering compliance?
- Can a regulator check a member's compliance with United Nations sanctions law as well as this Act?