Anti-Money Laundering Agency Reveals Key Indicators for Suspicious Transactions
The Anti-Money Laundering Agency has unveiled a list of key indicators that can help detect suspicious transactions. These indicators are aimed at strengthening the agency’s efforts against money laundering and ensuring effective cooperation with other authorities.
Identifying Potential Cases of Money Laundering
According to Article 6 of the law, the agency will provide competent state bodies with data and information on transactions and persons/entities suspected to be involved in money laundering. This is aimed at ensuring effective cooperation and exchange of intelligence between different authorities.
- The agency will estimate data and information related to organized crime and terrorist financing.
- It will assess whether a specific transaction is suspected to be related to money laundering, as per Article 7 of the law.
International Cooperation
The agency will conduct bilateral and multilateral cooperation with international authorities and organizations to exchange data on the basis of reciprocity in the field of detection and prevention of money laundering. This includes initiating procedures for signing memoranda of understanding with international partners.
- The agency will also plan and conduct training for its employees and organize seminars for obligors related to the implementation of regulations from the area of prevention of money laundering, as per Article 9 of the law.
Record Keeping and Additional Duties
The agency will keep records of data and information in accordance with this Law, undertake other activities in accordance with the Law and other regulations, and perform other duties as assigned by the law.
- If the agency suspects that certain transactions or persons/entities are involved in money laundering, it may request from obligors additional data on financial standing and bank deposits, data related to instruments of cash and non-cash payment operations in the country and abroad, as well as other necessary data and information.
- Obligors are bound to provide this information without delay upon receiving a request from the agency.
Temporary Suspension of Transactions
In cases where the agency suspects money laundering, it may issue an order for temporary suspension of transactions, as per Article 17 of the law. This order must be confirmed in writing within 24 hours and notified to competent judicial and inspectional bodies, as well as the police.
- The obligor is bound to abide by this order and ensure that all transactions related to the suspended transaction are halted until further notice.
Monitoring of Transactions
If the agency suspects money laundering related to certain transactions or persons/entities, it may issue an order to monitor all transactions effected through accounts encompassed by the order, as per Article 18 of the law. The obligor must notify the agency immediately on each transaction and the agency may extend this monitoring for up to three months.
Notification Obligation
According to Article 19 of the law, competent state bodies are bound to notify the agency immediately after receiving information about a suspicion of money laundering. This is aimed at ensuring effective cooperation between different authorities.
Conclusion
The Anti-Money Laundering Agency’s efforts to detect and prevent money laundering will be strengthened by these key indicators, which will help identify potential cases of money laundering and ensure effective cooperation with other authorities. The agency’s ability to request additional information, temporarily suspend transactions, monitor transactions, and notify competent state bodies will also aid in its efforts against money laundering.