Section 12: Amendment of section 21 of the principal Act

Section 21 of the principal Act is amended- (a) in subsection (1) by inserting immediately after paragraph (p), the following- "(pa) impose administrative sanctions on an accountable person who fails to comply with directives, guidelines or requests issued by the Authority; (pb) register accountable persons; (pc) keep a register of accountable persons; (pd) coordinate a national risk assessment on anti-money laundering and financing of terrorism. (b) by inserting immediately after paragraph (q), the "(r) to supervise, monitor and ensure compliance of this Act by all accountable persons in consultation with respective regulatory authorities."