Commencement

These Regulations shall come into force on the 7th day of February, 2014. __________ Money Laundering and Terrorism (Prevention) 33 SCHEDULE [regulations 12 and 18] Column 1 Column 2 Category of Disciplinary Violation and Description Penalty Range 1. Registration Contravention $5,000 to $50,000 Reporting entity carrying on a type of relevant business for which it is not registered 2. Late filing or Notification Reporting entity filing any document required to be filed or notifying the supervisory authority of any matter required to be notified after the last date on which the document is required to be filed or the matter is required to be notified to the supervisory authority– (a) 1 - 30 business days late; $250 to $1,250 (b) 31 - 60 business days late; $1,250 to $5,000 (c) 61 - 90 business days late; $1,875 to $7,500 (d) 91-120 business days late; $2,500 to $10,000 (e) 121-150 business days late; $6,250 to $15,000 Money Laundering and 34 Terrorism (Prevention) (f) 151 or more business days late. $7,500 to $20,000 3. Record Keeping Contravention $1,250 to $12,500 Reporting entity failing to maintain any records required to be maintained or failing to maintain records in the manner or at the place required. 4. Contravention Relating to Policies, Procedures, Systems and Controls $5,000 to $25,000 Reporting entity failing to– (a) establish or maintain policies, systems and controls or procedures required by the Act or any regulations made, or guidelines issued, under the Act to be established or maintained by the reporting entity; (b) establish or maintain a function required by the Act or any regulations made, or guidelines issued, under the Act to be established or maintained by the reporting entity, including to appoint a compliance officer. 5. Contravention of AML/CFT Obligations $15,000 to $500,000 Reporting entity contravening any AML/CFT obligation. Money Laundering and Terrorism (Prevention) 35 6. Other Contravention $250 to $12,500 Reporting entity committing any other contravention of any directive or guideline not falling within a category specified above MADE this 7th day of February, 2014. (DEAN O. BARROW) Minister responsible for Finance __________