Enforcement Action

The AML&CTF Act empowers officers of the FIU to enforce compliance implementation on reporting entities, conduct compliance examinations on reporting entities and instruct compliance direction on reporting entities.

The FIU may issue formal warnings to reporting entities that have engaged in conduct that have contravened a requirement of the AML&CTF Act. The FIU may specify any remedial actions that the reporting entities should take.

The FIU may serve a penalty notice on reporting entities that have engaged in conduct which constitutes an offence under the AML&CTF Act. the liable reporting entities must pay the prescribed penalty within 30 days.

The FIU may request a written undertaking from reporting entities in connection with compliance with the AML&CTF Act. The liable reporting entities are required to give the FIU a written undertaking in compliance with the AML&CTF Act.

If the FIU considers that reporting entities have breached one or more of the terms of an undertaking under section 50D, FIU may apply to the Court for an order

The FIU may apply to the Court for an injunction requiring a person to do an act or thing into order to comply with the AML&CTF Act.

The FIU may apply to the Court for an injunction restraining a person from engaging in conduct in contravention of the AML&CTF Act.

If the Court has granted an injunction under section 50F or 50G, the FIU may publish a notice in the Official Gazette setting out the details of the reporting entities’ non-compliance and any remedial action ordered by the Court.

The FIU may in writing direct reporting entities to remove a person who is a director, manager, secretary or officer of the reporting entities if the person is a disqualified person.

The FIU may by notice in writing to reporting entities, suspend or remove the reporting entities from the AML&CTF Register if the reporting entities have failed to comply with a provision of the AML&CTF Act.