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Financial Intelligence Unit Issues Guidelines on Money Laundering Reporting

The Financial Intelligence Unit (FIU) has issued guidelines on money laundering reporting, emphasizing the importance of identifying and reporting suspicious transactions to prevent financial crimes.

Front-Line Staff Training

• Cashiers, foreign exchange operators, and advisory staff are critical in identifying and reporting suspicious transactions.
• They should receive training on factors that may give rise to suspicions and procedures to be adopted when a transaction is deemed suspicious.
• Front- line staff should also be aware of the business policy and procedures for dealing with large cash transactions, money transfers, negotiable instruments, and other guarantees.

Account/Facility Opening Personnel Training

• Staff responsible for account/facility opening and acceptance of new customers must receive basic training on money laundering reporting.
• They should also receive further training on verifying a customer’s identity and client verification procedures.

Supervisors and Managers Training

• Supervisors and managers with responsibility for supervising or managing staff should receive higher-level instruction covering all aspects of money laundering procedures, including:
  • Offences and penalties arising from non-reporting and assisting money launderers.
  • Internal reporting procedures, verification of identity, retention of records, and disclosure of suspicious transaction reports.

Money Laundering Reporting Officer Training

• The Money Laundering Reporting Officer will require in-depth training on all aspects of money laundering reporting, including:
  • Identification and reporting of suspicious transactions.
  • Familiarization with the FIU’s guidelines and procedures for receiving and analyzing reports of suspicious transactions.

Review of Guidelines

• Banking institutions are encouraged to compile and record any comments or feedback related to these guidelines and forward them to the FIU for appropriate action.
• The guidelines become effective on April 1, 2009. The Financial Intelligence Unit Commissioner, Rerman M. Kessy, emphasized the importance of implementing these guidelines to prevent financial crimes and protect the integrity of the financial system.

Examples of Suspicious Transactions

• Unusually large cash deposits made by an individual or company.
• Substantial increases in cash deposits without apparent cause.
• Customers who deposit cash using numerous credit slips.
• Company accounts with transactions denominated by cash rather than cheques and other instruments.
• Customers who constantly pay-in or deposit cash to cover requests for bankers drafts, money transfers, or other negotiable instruments.

These guidelines aim to prevent financial crimes and ensure the integrity of the financial system. Banking institutions are urged to implement these guidelines to protect their customers’ funds and reputations.