Section 6A: AML/CFT regulatory authority

[6A. AML/CFT regulatory authority.— (1) AML/CFT regulatory authority means the regulators and SRBs as specified in Schedule IV. They shall exercise the powers and perform the functions as set out in this Act and as prescribed thereunder. (2) AML/CFT regulatory authority shall exercise and perform the following powers and functions with respect to its reporting entities, namely:— (a) licensing or registration of reporting entities; (b) imposing any conditions to conduct any activities by reporting entities to prevent the offence of money laundering, predicate offence or financing of terrorism; (c) issuing regulations, directions and guidelines with respect to sections 7A to 7H; (d) issuing regulations, directions and guidelines with respect to financing of proliferation obligations; (e) providing feedback to reporting entities for the purpose of compliance with the requirements of sections 7A to 7H and as prescribed thereunder; (f) monitoring and supervising, including conducting inspections, for the purpose of determining compliance with the requirements of sections 7(1), 7(3) to 7(6) and 7A to 7H and any rules or regulations made thereunder and with the orders or regulations made thereunder that impose TFS obligations; (g) compelling production of information relevant to monitoring compliance with the requirements of sections 7(1), 7(3) to 7(6) and 7A to 7H and any orders, rules or regulations made thereunder that impose TFS obligations; (h) impose sanctions, including monetary and administrative penalties to the extent and in the manners as may be prescribed, upon their respective reporting entity, including its directors and senior management and officers, who violate any requirement in sections 7(1), 7(3) to 7(6) and 7A to 7H and any rules or regulations made thereunder or those who fail to comply with the TFS regulations. Any person aggrieved by the imposition of sanctions under this clause may prefer an appeal in such manner and within such period to such authority as may be prescribed; (i) maintaining statistics of the actions performed in respect of the functions and powers conferred by this Act, in order to report to the National Executive Committee and the General Committee as required; and (j) exercising any other powers and performing any other functions that may otherwise be provided in any other applicable law.

Effective date: 2010-03-27

Amendment history

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