Guidelines on suspicious transaction reporting updated
The Financial Crimes Investigation Board (FCIB) has updated the Banks’ Guidelines on Suspicious Transaction Reporting.
The crime categories and the reference table have been updated.
The crimes of corruption, unlicensed payment and e-money services, failure to declare a transaction conducted on behalf of a third party, cigarette, alcohol and tobacco smuggling, pyramid selling (Ponzi schemes) and abuse of non-governmental organizations are included among the suspected crime categories in the Guideline. Accordingly, the suspicion of these crimes will also require reporting.
The amendments to the Guideline aim to expand the categories of suspected crimes to be reported to ensure transaction security.