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Anti-Money Laundering Regulations
Record Keeping (Section 16)
A financial institution or person carrying on a scheduled business is required to keep accurate and detailed records of its business transactions. This includes:
- Examining business transaction records
- Taking notes of whole or part of the business transaction records
- Making copies of the whole or part of the business transaction records when necessary
- Asking questions related to the business transaction records
Written Request for Information (Section 17)
If a request is made under section 16, the financial institution or person carrying on a scheduled business shall:
- Permit a member of the Unit or authorized person to enter the premises and take action specified in section 16(a)-(c)
- Answer any questions related to the business transaction records
Compliance with Instructions (Section 18)
A financial institution or person carrying on a scheduled business is required to comply with instructions issued by the Unit under section 4(1)(g) of the Financial Intelligence Unit Act, 2011.
Reporting Suspicious Transactions (Section 19)
A financial institution or person carrying on a scheduled business shall pay attention to:
- Complex, unusual, or large business transactions
- Unusual patterns of transactions
- Insignificant but periodic transactions with no apparent economic or lawful purpose
- Electronic funds transfers without complete originator information
- Relations and transactions with persons from countries that have not adopted comprehensive anti-money laundering legislation
Standard for Reasonable Suspicion (Section 20)
The question whether a reasonable suspicion has been formed shall be determined objectively, having regard to all the facts and surrounding circumstances.
Confidentiality (Section 21)
A director, officer, or employee of a financial institution or person carrying on a scheduled business who has made a suspicious transaction report shall not disclose that fact or any information regarding the contents of a suspicious transaction report to any other person, except for:
- Carrying out the provisions of this Act
- Legal proceedings, including any proceeding before a judge in chambers
- Complying with the terms of an Order of a Court
- The Authority carrying out its powers and duties under the Financial Services Unit Act, 2008
Liability for Contravention (Section 22)
A financial institution or person carrying on a scheduled business that contravenes section 16 or 17 or subsection (1) or (2) of section 19 is liable to a fine of two hundred and fifty thousand dollars or imprisonment for a term of three years.
Protection from Liability (Section 23)
Where a suspicious transaction report is made in good faith, the person making the report shall not be liable for any loss or damage suffered by any other person as a result of the report.