60 Administrative sanctions

(1) A supervisory authority may impose an administrative sanction referred to in subsection (3) on a reporting entity to whom this Act applies if

satisfied that the reporting entity has failed to comply with a provision of this Act or any regulation, order, determination or directive issued under this Act, within the time frame specified by the supervisory authority. (Amended by Act 62 of 2021)
(2) In determining an appropriate administrative sanction, the supervisory authority shall consider the following factors—
(a) the nature, duration, seriousness and extent of the non-compliance;
(b) whether the reporting entity has previously failed to comply with the provisions of any other law;
(c) any remedial steps taken by the reporting entity to prevent the recurrence of the non-compliance;
(d) any other relevant factor, including mitigating factors.
(3) The supervisory authority may impose any one or more of the following administrative sanctions—
(a) the restriction or suspension of certain identified business activities;
(b) recommend that the relevant licencing authority or registration authority withdraw, restrict or suspend the licence or registration to carry on business activities; or (Amended by Act 7 of 2021)
(c) a financial penalty, not exceeding SCR1,000,000, as determined by the supervisory authority.
(Amended by Act 62 of 2021)
(3A)

(i)

Any financial penalty imposed by the supervisory authorities under this section or under any other provision of the Act shall be credited to a separate designated account maintained by the Ministry of Finance for this purpose and the funds so accrued in the account shall be utilised only for the purpose of antimoney laundering and countering the financing of terrorism compliance awareness, education and capacity building for implementing the provisions of the Act.

(ii) The designated account shall be audited by the AuditorGeneral in accordance with the provisions of Article 158 of the Constitution.
(Inserted by Act 62 of 2021)
(4) The supervisory authority may—
(a) in addition to the imposition of an administrative sanction, make recommendations to the reporting entity in respect of compliance with this Act or any regulation, order, determination or directive issued under this Act;

(b) direct that a penalty shall be paid by a natural person for whose actions the relevant institution is accountable in law, if that person is personally responsible for the non-compliance;
(c) suspend any part of an administrative sanction on such conditions as may be specified in writing;
(d) in addition to the imposition of an administrative sanction, impose suspension or withdrawal of the capacity to be fit and proper compliance officer; and
(e) publish findings of the non-compliance.
(5) Prior to imposing an administrative sanction, the supervisory authority shall give the reporting entity a notice in writing—
(a) of the nature of the alleged non-compliance;
(b) of the intention to impose an administrative sanction;
(c) of the amount or particulars of the intended administrative sanction; and
(d) advising that the institution or person may, in writing, within a period of 14 days, make representation as to why the administrative sanction should not be imposed.
(6) After considering any representation and the factors referred to in subsection (2), the supervisory authority may impose an administrative sanction, as it may consider appropriate.
(7) Upon imposing the administrative sanction the supervisory authority shall, in writing, notify the institution or person of—
(a) the decision and the reasons therefor; and
(b) the right to appeal against the decision in accordance with section 62.
(8) Any monetary penalty imposed on the reporting entity shall be paid within the period and in the manner as may be specified in the notice.
(9) If the reporting entity fails to pay the monetary penalty within the specified period and an appeal has not been filed within the required period, the supervisory authority may without delay initiate steps for recovery of such monetary penalty amount.
(10) An administrative sanction contemplated under this section may not be imposed if the respondent has been charged with a criminal offence in respect of the same set of facts.
(11) If a court assesses the penalty to be imposed on a person convicted of an offence in terms of this Act, the court may take into account any administrative sanction imposed under this section in respect of the same set of facts.