(1) A principal shall ensure that the customer due diligence requirements under this Act are followed.

(2) The liability for the non-compliance of an agent with the customer due diligence requirements shall rest with the principal.

(3) Frequent or material instances of non-compliance with customer due diligence requirements shall be grounds for

(a) imposing an administrative penalty; or

(b) revocation of the authorisation or licence to engage in agency business.