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27 Designated institutions to establish and maintain internal reporting
procedures
(1) Every designated institution shall establish and maintain internal reporting procedures for
employees to report any information which comes to their attention in the course of their
employment that gives rise to suspicion that a person is engaged in money laundering and shall
identify a person to whom such reports will be made.
(2) A person identified in terms of subsection (1) shall be accorded reasonable access to
information that may be relevant to determine whether there are sufficient grounds to suspect that
money laundering is taking or has taken place.
(3) After satisfying himself or herself that money laundering is taking or has taken place, the
person to whom a report has been made shall report the matter to the Unit in terms of section
twenty-six.
(4) A designated institution shall take appropriate steps to make employees aware of existing
domestic laws, policies and procedures relating to money laundering and to provide its employees
with appropriate training so that they can identify transactions that are linked to money
laundering.
28 Reporting of suspicious transactions by employees of designated institutions
(1) Where an employee of a designated institution has information concerning a transaction
which he or she has reasonable grounds to suspect may be relevant to the investigation or
prosecution of a person for money-laundering or a serious offence, the employee⎯
(a) shall report the information to the person identified by the designated institution in terms
of section twenty-seven; and
(b) may report the information to the Unit.
(2) No employee shall be liable to any legal, administrative or employment-related sanction,
regardless of any breach of a legal or employment obligation, for reporting any information in
terms of subsection (1), where the employee made the report in good faith and in the reasonable
belief that the information was substantially true and disclosed evidence of money-laundering or
serious offence.
29 Disclosure orders under Part IV
(1) The Director may, for the purposes of this Part, issue a disclosure order requiring a
designated institution—
(a) to disclose to an inspector or official of the Unit any of the records kept by the
designated institution;
(b) to provide him or her with a report on any transaction, account, record or client of the
designated institution;
for the purposes of enabling the Unit to perform its functions under this Act.
(2) Any designated institution which is aggrieved by any order given in terms of subsection
(1) may apply to a judge in chambers and upon such application the judge may—
(a) confirm or vary the order; or
(b discharge the order.
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