Registration with the FIU

(1) A person who intends to carry on or is carrying on a business or profession for which the Financial Intelligence Unit is specified as the supervisory under the Schedule III to this Act shall apply for registration with the FIU. (2) An application pursuant to sub-section (1) shall be accompanied by the prescribed application fee. (2A) When an application is granted, the person referred to in sub-section (1) shall pay– (a) on registration, a registration fee in the prescribed amount; and (b) on each anniversary of its registration, an annual fee in the prescribed amount. (3) A person who contravenes this section commits an offence and is liable on summary conviction to a fine of not less than ten thousand dollars and not more than fifty thousand dollars or to imprisonment for twelve months or to both. (4) A person who, at the commencement of this Act, was engaged in any of the businesses under sub-section (1) shall apply for registration and comply with this provision within thirty days of the commencement of this Act.