Section 17 — Cash transaction reports

(1)A regulated dealer who enters into any designated transaction must submit to a Suspicious Transaction Reporting Officer, within the prescribed time, a cash transaction report relating to that transaction in the prescribed form and manner.

(1A)A regulated dealer must not, without reasonable excuse, submit a cash transaction report under subsection (1) that is incomplete or inaccurate.[Act 6 of 2024 wef 01/05/2024]

(2)A regulated dealer must keep a copy of each cash transaction report submitted under subsection (1) for the prescribed period.

(3)A regulated dealer must, at the time of submitting a cash transaction report under subsection (1) or immediately thereafter, submit a copy of the cash transaction report to the Registrar.

(4)A regulated dealer who fails to comply with subsection (1), (1A), (2) or (3) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $20,000 or to imprisonment for a term not exceeding 2 years or to both.[Act 6 of 2024 wef 01/05/2024]