FIC Amendment Act Penalties for Non-Compliance

The FIC Act has two types of penalties for contraventions or acts of non-compliance with the FIC Act.  The first is administrative sanction(section 45C(3))  for non-compliance with the FIC Act which includes:

(a)          A caution not to repeat the conduct which led to the non-compliance referred to in subsection (1);

(b)          a reprimand;

(c)           a directive to take remedial action or to make specific arrangements;

(d)          the restriction or suspension of certain specified business activities;

or

(e)          a financial penalty not exceeding R10 million in respect of natural persons and R50 million in respect of any legal person.

The second type of penalty is the criminal sanction for contraventions of certain offences.  The maximum penalty for these offences are 15 years or a fine not exceeding R100 million.  There are also certain lesser offences that carry penalties of maximum sentences of five years or a fine not exceeding R million.

You may refer to sections 46 to 68 of the FIC Act for the specific acts of non-compliance and offences provisions.

www.fic.gov.za

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