In terms of section 61A of the FIC Act a failure to register is an offence and subject to a fine not exceeding R10 million or imprisonment for a period of up to five years.
Alternatively, the FIC may also, in terms of section 45C (1) of the FIC Act, impose an administrative sanction for a failure to comply with any provision of the FIC Act, including a failure to register.
Category: Compliance and supervision / Registering with the FIC
