SOUTH Africa’s big four banks have been fined R125m by the Reserve Bank for failing to have appropriate measures to ensure compliance with the provisions of the Financial Intelligence Centre Act (Fica).
Standard Bank was slammed with the highest financial penalty of R60m, FirstRand was hit with R30m, Nedbank R25m and Absa R10m.
Standard Bank was found to have failed to meet its obligations to report cash transactions above R24,999.99 to the financial intelligence centre. It was also criticised for slack controls for detecting property associated with terrorist activities.
The bank said in a statement it had taken “immediate remedial action to address the issues identified” and initiated a programme to address the findings.
Absa, FirstRand and Nedbank were also penalised for keeping inadequate customer verification details and transactional records.
In terms of Fica, the Reserve Bank is tasked to supervise and enforce compliance with Fica rules to ensure that banks have controls to deal with money laundering and combat the financing of terrorism.
However, the Reserve Bank said the fines did not mean that South Africa’s big four banks had in any way facilitated transactions involving money laundering and the financing of terrorism.
All the big-four banks were directed to take remedial action to address weaknesses when it comes to identifying and verifying customers’ details.
Earlier in the year, Standard Bank plc in the UK was hammered with a £7.6m fine by the UK’s Financial Conduct Authority for failures in its money laundering controls and procedures over corporate customers connected to politically exposed persons.
Source: Business Day
Showing posts with label FICA. Show all posts
Showing posts with label FICA. Show all posts
Wednesday, April 16, 2014
Saturday, April 14, 2012
FNB accused of covering up fraud syndicate
A Johannesburg entrepreneur has accused FNB of covering up fraudulent misrepresentation by one of its officials in a transaction that cost him R1.3-million. FNB client Tamsanqa Moya, who had ordered vehicles from overseas for use in a bus transport venture, is suing the bank and a local car dealer for R6-million in connection with the costly transaction. He believes that FNB is concealing fraudulent activities by one of its forex officials, whom he alleges is operating a syndicate with figures outside the bank.
The Mail & Guardian has seen a letter from the official concerned, Laureley Simpson of FNB's branch at The Glen in Johannesburg, certifying that the bank had transferred R1.3-million to a company in mainland China for two 70-seater luxury coaches that never arrived.
FNB management has since said that Simpson issued the letter in error and that action has been taken against her. It has refused to provide further details. It sent Moya a letter, seen by the M&G, saying that all records of the transaction had disappeared. Police say the absence of these documents is hampering their investigation. Moya entered into an agreement with the dealer, Friedcorp 167 trading as Direct Car Sales, in October 2009 to buy the two coaches. He says that Friedcorp, which claimed it was an agent for Chinese minibus manufacturer Shenyang Brilliance Jinbei Automobile, promised to deliver the vehicles early if he paid up front.
A R1.3-million global transaction was made from his FNB business account to Friedcorp, which also had an account with the bank. When the coaches were not delivered, Moya said he terminated the agreement through his lawyer and demanded a refund. In response, Friedcorp representative Mohamed Azhar Saloojee had shown him documents from China stating that the buses were in production. In a letter seen by the M&G, Saloojee also said that when the coaches were ready, they could not be delivered in South Africa because they did not meet SABS standards and would have to be collected in Zimbabwe.
Moya was also shown the letter from Simpson confirming payment to the Chinese manufacturer. On the strength of the FNB assurance, Moya said he had entered into a second agreement with Friedcorp. "I was told that if I cancel the deal I will lose about 30% of the money, which I couldn't afford. I've been banking with FNB for almost ten years, so I assumed the deal was legitimate when they sent me a letter of confirmation."
Moya said he had got "the shock of his life" when he contacted the Shenyang Brilliance Jinbei Automobile in March 2010 to inquire about progress on the coaches. Revealing that the company does not manufacture coaches, Shenyang general manager Frank Qian denied receiving any order from Friedcorp or payment from FNB. "I was furious and laid a complaint with FNB," said Moya. "I also asked for a refund -- but the bank wouldn't help me. FNB is distancing itself from the matter and my fear is that this case could be closed after three years and I may not get a cent back," he said. He said he laid a fraud charge against Friedcorp with the police commercial crimes unit in Johannesburg.
The investigating officer, Captain Joel Ngobeni, told the M&G that no arrests were possible on the current evidence. "The forex department should have invoices from the Chinese company stating what they would be exporting to South Africa. Those have to be filled in by the bank," Ngobeni said. "We also need to establish if the money was definitely transferred to the said company in China for the buses." He said he had contacted the Chinese company, which said it only manufactured minibuses. He added that it was "puzzling" that such crucial documents should disappear from the bank, especially in a context where one of its officials had given a false assurance that Moya's R1.3-million had been transferred.
The Financial Intelligence Centre Act (Fica) requires banks to keep payment records for at least five years from the date on which transactions are concluded.
In another letter to Moya seen by the M&G, the bank said that after conducting its own investigations it had concluded that Simpson erred in confirming that the transaction was for the purchase of coaches in China. Simpson had not known the reason for the transfer, it said, and had relied mainly on a statement provided by Friedcorp's owners. It said it could not be held liable for Moya's losses and would not involve itself further in the dispute, which was between him and Friedcorp. In papers lodged with the South Gauteng High Court in Johannesburg, Moya is claiming a R1.3-million upfront payment and R5-million in damages in respect of the net profit he would have generated had the buses had been delivered on time.
FNB spokesperson Maryke Wessels said the bank does not believe it is liable for Moya's losses. She declined to comment further as the legal case is still pending, but said the bank was cooperating with the police on the matter.
The M&G has tried for several weeks to contact Mohamed Azhar Saloojee on his cellphone, without success.
Source: Mail & Guardian
The Mail & Guardian has seen a letter from the official concerned, Laureley Simpson of FNB's branch at The Glen in Johannesburg, certifying that the bank had transferred R1.3-million to a company in mainland China for two 70-seater luxury coaches that never arrived.
FNB management has since said that Simpson issued the letter in error and that action has been taken against her. It has refused to provide further details. It sent Moya a letter, seen by the M&G, saying that all records of the transaction had disappeared. Police say the absence of these documents is hampering their investigation. Moya entered into an agreement with the dealer, Friedcorp 167 trading as Direct Car Sales, in October 2009 to buy the two coaches. He says that Friedcorp, which claimed it was an agent for Chinese minibus manufacturer Shenyang Brilliance Jinbei Automobile, promised to deliver the vehicles early if he paid up front.
A R1.3-million global transaction was made from his FNB business account to Friedcorp, which also had an account with the bank. When the coaches were not delivered, Moya said he terminated the agreement through his lawyer and demanded a refund. In response, Friedcorp representative Mohamed Azhar Saloojee had shown him documents from China stating that the buses were in production. In a letter seen by the M&G, Saloojee also said that when the coaches were ready, they could not be delivered in South Africa because they did not meet SABS standards and would have to be collected in Zimbabwe.
Moya was also shown the letter from Simpson confirming payment to the Chinese manufacturer. On the strength of the FNB assurance, Moya said he had entered into a second agreement with Friedcorp. "I was told that if I cancel the deal I will lose about 30% of the money, which I couldn't afford. I've been banking with FNB for almost ten years, so I assumed the deal was legitimate when they sent me a letter of confirmation."
Moya said he had got "the shock of his life" when he contacted the Shenyang Brilliance Jinbei Automobile in March 2010 to inquire about progress on the coaches. Revealing that the company does not manufacture coaches, Shenyang general manager Frank Qian denied receiving any order from Friedcorp or payment from FNB. "I was furious and laid a complaint with FNB," said Moya. "I also asked for a refund -- but the bank wouldn't help me. FNB is distancing itself from the matter and my fear is that this case could be closed after three years and I may not get a cent back," he said. He said he laid a fraud charge against Friedcorp with the police commercial crimes unit in Johannesburg.
The investigating officer, Captain Joel Ngobeni, told the M&G that no arrests were possible on the current evidence. "The forex department should have invoices from the Chinese company stating what they would be exporting to South Africa. Those have to be filled in by the bank," Ngobeni said. "We also need to establish if the money was definitely transferred to the said company in China for the buses." He said he had contacted the Chinese company, which said it only manufactured minibuses. He added that it was "puzzling" that such crucial documents should disappear from the bank, especially in a context where one of its officials had given a false assurance that Moya's R1.3-million had been transferred.
The Financial Intelligence Centre Act (Fica) requires banks to keep payment records for at least five years from the date on which transactions are concluded.
In another letter to Moya seen by the M&G, the bank said that after conducting its own investigations it had concluded that Simpson erred in confirming that the transaction was for the purchase of coaches in China. Simpson had not known the reason for the transfer, it said, and had relied mainly on a statement provided by Friedcorp's owners. It said it could not be held liable for Moya's losses and would not involve itself further in the dispute, which was between him and Friedcorp. In papers lodged with the South Gauteng High Court in Johannesburg, Moya is claiming a R1.3-million upfront payment and R5-million in damages in respect of the net profit he would have generated had the buses had been delivered on time.
FNB spokesperson Maryke Wessels said the bank does not believe it is liable for Moya's losses. She declined to comment further as the legal case is still pending, but said the bank was cooperating with the police on the matter.
The M&G has tried for several weeks to contact Mohamed Azhar Saloojee on his cellphone, without success.
Source: Mail & Guardian
Friday, April 6, 2012
FBI Financial Intelligence Center Getting Ahead of Crime
Investigating financial crime is like working a puzzle—you have to fit all of the pieces of information together in order to see the entire picture. The FBI’s Financial Intelligence Center in Washington, D.C., does just that, linking disparate pieces of data to give our field investigators a clearer picture of possible criminal activity in their regions.
The center was established in the fall of 2009 in response to the financial crisis at that time—its mission was to identify potential investigative targets engaged in mortgage fraud. Because of its success, the center’s focus expanded to include other types of financial crimes, like securities/commodities fraud, health care fraud, money laundering, fraud against the government, and even public corruption (which usually involves financial wrongdoing of some sort).
The center is staffed primarily by intelligence analysts and staff operations specialists. Their first order of business is to review large datasets that come from the FBI, other law enforcement and regulatory agencies, consumer complaint websites, etc. Computer programs cull out data with common themes (i.e., similar scams, similar names). That data is researched and analyzed to help further identify potential subjects and/or activity, and the results are organized using spreadsheets and link analysis in order to draw connections among all the key players. If there is good reason to believe that criminal activity exists, the results are summarized in an intelligence package and sent to the appropriate field office.
During fiscal year 2011, FBI offices opened dozens of investigations based on the center’s intelligence packages.
Current initiatives
In response to some of the most serious financial crimes, the Financial Intelligence Center is working on a number of specific initiatives, such as:
Of course, we don’t do this alone—we work closely with our partners. As a matter of fact, our analysts are currently or will soon be embedded in the Office of the Special Inspector General for the Troubled Asset Relief Program, the SEC, the Internal Revenue Service, the FTC, and the CMS…to expand even further the pool of data that can be used by all to uncover financial crime.
The bottom line of the FBI’s Financial Intelligence Center: to work proactively to help identify the nation’s most egregious criminal enterprises.
Resources: FBI Financial Crimes Report to the Public
The center was established in the fall of 2009 in response to the financial crisis at that time—its mission was to identify potential investigative targets engaged in mortgage fraud. Because of its success, the center’s focus expanded to include other types of financial crimes, like securities/commodities fraud, health care fraud, money laundering, fraud against the government, and even public corruption (which usually involves financial wrongdoing of some sort).
The center is staffed primarily by intelligence analysts and staff operations specialists. Their first order of business is to review large datasets that come from the FBI, other law enforcement and regulatory agencies, consumer complaint websites, etc. Computer programs cull out data with common themes (i.e., similar scams, similar names). That data is researched and analyzed to help further identify potential subjects and/or activity, and the results are organized using spreadsheets and link analysis in order to draw connections among all the key players. If there is good reason to believe that criminal activity exists, the results are summarized in an intelligence package and sent to the appropriate field office.
During fiscal year 2011, FBI offices opened dozens of investigations based on the center’s intelligence packages.
Current initiatives
In response to some of the most serious financial crimes, the Financial Intelligence Center is working on a number of specific initiatives, such as:
- Foreclosure rescue fraud, where analysts collect and analyze deceptive practices complaint data from the Federal Trade Commission (FTC), which is then cross-referenced with suspicious activity reports filed by financial institutions;
- Securities and corporate fraud, in which the center partners with the Commodities and Futures
- Trading Commission and Securities and Exchange Commission (SEC) to review civil referrals for possible criminal violations;
- Health care fraud, which involves us working with the Centers for Medicare and Medicaid (CMS) and the Department of Justice on a new predictive modeling system that uses algorithms to generate lists of medical professionals potentially engaging in health care fraud; and
- Money laundering, in which analysts review incoming intelligence from the FBI’s Southwest Border Initiative to determine if subjects are laundering proceeds from criminal activities.
Of course, we don’t do this alone—we work closely with our partners. As a matter of fact, our analysts are currently or will soon be embedded in the Office of the Special Inspector General for the Troubled Asset Relief Program, the SEC, the Internal Revenue Service, the FTC, and the CMS…to expand even further the pool of data that can be used by all to uncover financial crime.
The bottom line of the FBI’s Financial Intelligence Center: to work proactively to help identify the nation’s most egregious criminal enterprises.
Resources: FBI Financial Crimes Report to the Public
Friday, April 25, 2008
Investigation into Teta almost complete
Fidentia CE J Arthur Brown was on Thursday late for a scheduled appearance in the Cape Town Magistrate's Court, on charges that include fraud involving the Transport, Education and Training Authority (Teta). In the dock without him were co-accused Dr Piet Bothma, Teta's CE, and a newcomer, Jacobus Theart, who is cited in the charge sheet as accused number three.
Scorpions prosecutor Bruce Morrison SC, assisted by Tersia du Toit, told the court they had called the case earlier than expected, and that Brown was not at fault for his absence. He and Du Toit had tried without success to telephone Brown to get him to court sooner, they said. The case was postponed to July 29 in Brown's absence.
Morrison said the investigation was almost completed and that there were "just a few more things to be done". He said he envisaged an additional charge to the current charges of fraud, corruption, money laundering, reckless trading and a contravention of the Financial Intelligent Centre Act.
The fraud charge relating to Teta involves over R2m. Theart faces charges of theft involving R800,000 and money laundering. However, Morrison did not indicate to the court how Theart fitted into the picture. He said both the Cape Town and Randburg Courts had jurisdiction to deal with the case, and he would launch an application to centralize the charges -- so they could all be dealt with together in Cape Town.
In the Teta case, the trio are expected to eventually go on trial in the Cape High Court. Later, Brown alone stood in the dock of the Cape Town Regional Court, where he is to go on trial on September 15 on two charges of fraud, one of theft and one of violating the Companies Act.
These charges relate to his involvement with Fidentia. In these proceedings, Du Toit told magistrate Wilma van der Merwe that she had furnished defence attorney Asghar Mia with further particulars to the charges. At her request the case was postponed to May 30.
Source: Moneyweb
Scorpions prosecutor Bruce Morrison SC, assisted by Tersia du Toit, told the court they had called the case earlier than expected, and that Brown was not at fault for his absence. He and Du Toit had tried without success to telephone Brown to get him to court sooner, they said. The case was postponed to July 29 in Brown's absence.
Morrison said the investigation was almost completed and that there were "just a few more things to be done". He said he envisaged an additional charge to the current charges of fraud, corruption, money laundering, reckless trading and a contravention of the Financial Intelligent Centre Act.
The fraud charge relating to Teta involves over R2m. Theart faces charges of theft involving R800,000 and money laundering. However, Morrison did not indicate to the court how Theart fitted into the picture. He said both the Cape Town and Randburg Courts had jurisdiction to deal with the case, and he would launch an application to centralize the charges -- so they could all be dealt with together in Cape Town.
In the Teta case, the trio are expected to eventually go on trial in the Cape High Court. Later, Brown alone stood in the dock of the Cape Town Regional Court, where he is to go on trial on September 15 on two charges of fraud, one of theft and one of violating the Companies Act.
These charges relate to his involvement with Fidentia. In these proceedings, Du Toit told magistrate Wilma van der Merwe that she had furnished defence attorney Asghar Mia with further particulars to the charges. At her request the case was postponed to May 30.
Source: Moneyweb
Friday, April 4, 2008
FBI nabs Fidentia fugitive
One of the alleged masterminds in the Fidentia scandal was arrested by the FBI in the United States, the National Prosecuting Authority said on Tuesday. Spokesperson Tlali Tlali said Steven William Goodwin was arrested following a request by the Directorate of Special Operations, better known as the Scorpions.
According to the NPA, Goodwin was detained on Saturday at Los Angeles airport by US authorities and the Customs and Immigration Department. "Their intervention followed an alert issued by Interpol that Goodwin was en route to the US and that a warrant for his arrest had been issued in South Africa in July 2007. "Goodwin left South Africa for Australia in early February 2007, following the appointment of a curator to manage the Fidentia group of companies and before the Scorpions investigation was authorised in February 2007," said Tlali.
Goodwin was described as the "real founder" of Fidentia and has been named repeatedly in a draft indictment against Fidentia boss J Arthur Brown. He left South Africa just days before Brown was arrested in March last year. The draft charge sheet says that at the time Goodwin owned and was MD of a company named Worthytrade 185. Acting as a broker, he initiated the contact that resulted in the Transport Education Training Authority (Teta) entrusting promissory notes worth R100,3-million to Maddock Incorporated in April 2003.
The NPA has 60 days within which to apply for Goodwin's extradition and is preparing papers to launch such an application, said Tlali. "The Scorpions are currently working with the US Department of Justice to ensure the matter is resolved speedily and successfully. Once on South African soil, Goodwin will face charges of theft, fraud and corruption running into millions," he said. The charge sheet says Brown acted "in the execution of a common purpose" with Goodwin in providing a R6-million bribe to ensure that the Teta board made the investment with FAM. Goodwin is also named repeatedly in the section of the charge sheet that deals with money laundering.
Brown will go on trial in September on fraud and theft charges. He is out on R1-million bail.
The financial director of Fidentia, Graham Maddock, was effectively jailed for seven years on 54 counts involving fraud, theft, money laundering, contraventions of the Financial Intelligence Centre Act and the reckless or fraudulent conduct of business.
Source: Mail & Guardian
According to the NPA, Goodwin was detained on Saturday at Los Angeles airport by US authorities and the Customs and Immigration Department. "Their intervention followed an alert issued by Interpol that Goodwin was en route to the US and that a warrant for his arrest had been issued in South Africa in July 2007. "Goodwin left South Africa for Australia in early February 2007, following the appointment of a curator to manage the Fidentia group of companies and before the Scorpions investigation was authorised in February 2007," said Tlali.
Goodwin was described as the "real founder" of Fidentia and has been named repeatedly in a draft indictment against Fidentia boss J Arthur Brown. He left South Africa just days before Brown was arrested in March last year. The draft charge sheet says that at the time Goodwin owned and was MD of a company named Worthytrade 185. Acting as a broker, he initiated the contact that resulted in the Transport Education Training Authority (Teta) entrusting promissory notes worth R100,3-million to Maddock Incorporated in April 2003.
The NPA has 60 days within which to apply for Goodwin's extradition and is preparing papers to launch such an application, said Tlali. "The Scorpions are currently working with the US Department of Justice to ensure the matter is resolved speedily and successfully. Once on South African soil, Goodwin will face charges of theft, fraud and corruption running into millions," he said. The charge sheet says Brown acted "in the execution of a common purpose" with Goodwin in providing a R6-million bribe to ensure that the Teta board made the investment with FAM. Goodwin is also named repeatedly in the section of the charge sheet that deals with money laundering.
Brown will go on trial in September on fraud and theft charges. He is out on R1-million bail.
The financial director of Fidentia, Graham Maddock, was effectively jailed for seven years on 54 counts involving fraud, theft, money laundering, contraventions of the Financial Intelligence Centre Act and the reckless or fraudulent conduct of business.
Source: Mail & Guardian
Friday, February 1, 2008
Fidentia financial director gets jail time
The financial director of Fidentia, Graham Maddock, was on Friday effectively jailed for seven years on 54 counts involving fraud, theft, money laundering, contraventions of the Financial Intelligence Centre Act and the reckless or fraudulent conduct of business. Maddock appeared in the Bellville Specialised Commercial Crime Court before magistrate Amrith Chabilall. His wife and family sat on benches behind the dock, and all embraced him before the police court orderly led him from the courtroom to the holding cells to be transported to Pollsmoor Prison. The hearing took the form of a plea-bargain agreement. Although the charges concerned his involvement with J Arthur Brown's Fidentia group as its financial director, Maddock's chartered accounting firm, Maddock Incorporated, was cited in the plea-bargain agreement as accused number one, and Maddock as accused number two.
Scorpions prosecutor senior counsel Bruce Morrison said the case was the fist time in South African legal history that any company had been found guilty of money laundering -- especially involving a sum of R200-million. Maddock was in the dock in his personal capacity, as well as representing Maddock Incorporated. Morrison said Maddock Incorporated was in fact Maddock's alter ego. The firm itself was fined R50-million for money laundering, but the fine was suspended for five years. For five violations of the Financial Intelligence Centre Act, the firm was fined an additional R10-million, also suspended for five years.
Morrison said the sentences imposed on both were a message to other accountable institutions that they had to comply with the Financial Intelligence Centre Act, as well as the Prevention of Organised Crime Act. Morrison added: "When we come after them, this is the kind of fine they will have to pay." On the money laundering charges, the plea agreement said Maddock's conduct was deliberately orchestrated by Brown.
Source: Mail & Guardian
Scorpions prosecutor senior counsel Bruce Morrison said the case was the fist time in South African legal history that any company had been found guilty of money laundering -- especially involving a sum of R200-million. Maddock was in the dock in his personal capacity, as well as representing Maddock Incorporated. Morrison said Maddock Incorporated was in fact Maddock's alter ego. The firm itself was fined R50-million for money laundering, but the fine was suspended for five years. For five violations of the Financial Intelligence Centre Act, the firm was fined an additional R10-million, also suspended for five years.
Morrison said the sentences imposed on both were a message to other accountable institutions that they had to comply with the Financial Intelligence Centre Act, as well as the Prevention of Organised Crime Act. Morrison added: "When we come after them, this is the kind of fine they will have to pay." On the money laundering charges, the plea agreement said Maddock's conduct was deliberately orchestrated by Brown.
Source: Mail & Guardian
Friday, February 1, 2002
FINANCIAL INTELLIGENCE CENTRE ACT 38 OF 2001
The purpose of the Financial Intelligence Centre Act is to establish a Financial Intelligence Centre and a Money Laundering Advisory Council in order to combat money laundering activities and the financing of terrorist and related activities; to impose certain duties on institutions and other persons who might be used for money laundering purposes and the financing of terrorist and related activities: to amend the Prevention of Organised Crime Act, 1998, and the Promotion of Access to Information Act, 2000; and to provide for matters connected therewith.
Establishment
(1) A Financial Intelligence Centre is hereby established as an institution outside the public service but within the public administration as envisaged in section 195 of the Constitution.
(2) The Centre is a juristic person.
Objectives
(1) The principal objective of the Centre is to assist in the identification of the proceeds of unlawful activities and the combating of money laundering activities and the financing of terrorist and related activities.
(2) The other objectives of the Centre are-
(a) to make information collected by it available to investigating authorities, the intelligence services and the South African Revenue Service to facilitate the administration and enforcement of the laws of the Republic;
(b) to exchange information with similar bodies in other countries regarding money laundering activities and similar offences.
Functions
To achieve its objectives the Centre must-
(a) process, analyse and interpret information disclosed to it, and obtained by it, in terms of this Act;
(b) inform, advise and cooperate with investigating authorities, supervisory bodies, the South African Revenue Service and the intelligence services;
(c) monitor and give guidance to accountable institutions, supervisory bodies and other persons regarding the performance by them of their duties and their compliance with the provisions of this Act;
(d) retain the information referred to in paragraph (a) in the manner and for the period required by this Act.
Source: SABINET
Establishment
(1) A Financial Intelligence Centre is hereby established as an institution outside the public service but within the public administration as envisaged in section 195 of the Constitution.
(2) The Centre is a juristic person.
Objectives
(1) The principal objective of the Centre is to assist in the identification of the proceeds of unlawful activities and the combating of money laundering activities and the financing of terrorist and related activities.
(2) The other objectives of the Centre are-
(a) to make information collected by it available to investigating authorities, the intelligence services and the South African Revenue Service to facilitate the administration and enforcement of the laws of the Republic;
(b) to exchange information with similar bodies in other countries regarding money laundering activities and similar offences.
Functions
To achieve its objectives the Centre must-
(a) process, analyse and interpret information disclosed to it, and obtained by it, in terms of this Act;
(b) inform, advise and cooperate with investigating authorities, supervisory bodies, the South African Revenue Service and the intelligence services;
(c) monitor and give guidance to accountable institutions, supervisory bodies and other persons regarding the performance by them of their duties and their compliance with the provisions of this Act;
(d) retain the information referred to in paragraph (a) in the manner and for the period required by this Act.
Source: SABINET
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