Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) Regulation: Reporting Suspicious Transactions

Key Requirements for Reporting Suspicious Activities

The following are key points from the regulation:

Definition of a Report

• A report must contain information about a specific account or transaction that is deemed suspicious or unusual.

Information Required in the Report

Account Signatories

• Details such as title, gender, names, surname, identifying number, nationality, date of birth, source of identifying information, and contact particulars are required for each signatory on an account.

Account Holders

• For natural persons:
  • Full particulars including names, surname, identifying number, date of birth
  • Additional requirements like occupation and source of funds
• For legal persons or entities:
  • Full particulars about the entity’s name and identifying number (if applicable)
  • Information regarding their contact address, type of business, country of incorporation, and tax number

Clients Concerning Whom a Suspicious Activity Report is Made

• Similar personal or corporate details as above must be included in the report.

Specific Requirements for Natural Persons

• Full particulars including names, surname, identifying number, date of birth
• Additional information such as title, gender, alias (if any), contact address, occupation, source of funds, and employer details

Specific Requirements for Legal Persons or Entities

• The report must include full particulars about the entity’s name and identifying number (if applicable)
• As much information as is readily available regarding their contact address, type of business, country of incorporation, and tax number

Date and Status Information

• For each account reported on:
  • The status before the activity was carried out
  • The date on which the report was made
  • If the account was closed, the date it was closed

This regulation aims to provide a comprehensive framework for financial institutions to report suspicious activities, helping in the prevention of money laundering and financing of terrorism. It emphasizes the need for detailed information about individuals or entities involved in such transactions to facilitate effective monitoring and compliance with anti-money laundering regulations.