Model Compliance Programme for Accountants.doc

Imprisonment on indictment failure to make a

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Imprisonment on indictment Failure to make a suspicious transaction or suspicious activity report to the FIU S 57 (1), POCA 500 K. and 2 yrs. Imprisonment on summary conviction; 3 Mill. & 7 yrs. Imprisonment on indictment Failure to comply with Financial Obligations Regulations, 2010, such as Customer due diligence or record keeping requirements S.57 (1), POCA 500 K. and 2 yrs. Imprisonment on summary conviction; 3 Mill. & 7 yrs. Imprisonment on indictment Where the company commits an offence under the POCA any Officer, Director or agent of a company is guilty of an offence S. 57 (2), POCA 500 K. and 2 yrs. Imprisonment on summary conviction; 3 Mill. & 7 yrs. Imprisonment on indictment Providing financial or other services, assistance, support, etc for commission of terrorist acts A TA, Part II, S.3,4 9 20 yrs. Imprisonment Page | 37
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BRIEF DESCRIPTION OF THE OFFENCE RELEVANT LAW PENALTY Participating in the Commission of a terrorist act A TA, Part II, S. 22A 25 yrs. Imprisonment Financing of Terrorism A TA, Part III A 25 yrs. Imprisonment Disclosing the facts or content of a STR/SAR to any person A TA S. 22C (5), 250 K. and 3 yrs. imprisonment Failure to disclose information relating to property used for the commission of offences under the ATA to the FIU A TA, Part VII S. 33 5 yrs. Imprisonment Failure of a FI or LB to provide Information requested by the FIU S. 21 (1), FIU Act 500 K., and a further fine of 25 K for each day the offence continues on summary conviction 1 Mill., and a further 50 K for each day the offence continues Director, CEO or other officer, or Owner/Partner of FI or LB who authorized or agreed to withhold the information requested by the FIU S. 21 (2), FIU Act 250 K. and 3 yrs. Disclosure of Information received from FIU S. 23 (1), FIU Act 250 K & 3 yrs. Disclosure of Investigation into STR/SAR S. 24, FIU Act 250 K & 3 yrs. Failure by Supervised Entity to register with the FIU FIU Regulations, R. 28 50 K & a further fine of 5 K for each day the offence continues Failure By Supervised Entity to notify FIU of Change of address of registered office FIU Regulations, R. 29 20 K Abbreviations: CEO Chief Executive Officer FI Financial Institution K. Thousand TT$ LB Listed Business Mill. Million TT$ ML Money Laundering S. Section of the legislation STR/SAR Suspicious A-TA Anti-Terrorism Act POCA Proceeds of Crime Act POCA-A Proceeds of Crime(Amendment) Ac FIU Financial Intelligence Unit of T&T Act Page | 38
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Transaction/Activity Report Page | 39
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