The general rule is that a person may continue with a transaction from which a report emanates. However, section 34 of the FIC Act empowers the FIC to intervene in certain transactions after consulting with an accountable institution or person required to make a report. In such instances the accountable institution or person in question may not proceed with the carrying out of the transaction. The FIC’s intervention is valid for a maximum period of five days and is aimed at creating an opportunity for the FIC to make the necessary enquiries and to inform and advise an investigating authority.
Category: Compliance and supervision / Suspicious and unusual transaction reporting
