Guide­lines on sus­pi­cious trans­ac­tion re­port­ing up­dated

Dünya Executive - - BUSINESS BY LAW -

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.

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