Financial Crime World

Here is the rewritten article in markdown format:

Article 5: Reporting Obligations

Entities subject to reporting obligations are required to file reports with the Authorized Body. The following entities are included in this scope:

  • Lawyers and Law Firms: Must file reports related to their clients’ transactions.
  • Accountants and Accounting Firms: Required to report on suspicious transactions or business relationships involving their clients.
  • Auditing Firms and Auditors: Must file reports if they suspect a transaction or business relationship is related to money laundering or terrorism financing.
  • Certain Transactions Related to Real Estate, Client Property Management, Bank Accounts, Securities, and Legal Persons: Reporting entities must report on transactions that involve these types of assets.

Important Note

Reporting entities are strictly prohibited from informing individuals or other parties about the fact of filing a report. This ensures that sensitive information remains confidential and protected.

Article 7: Recognition of Suspicious Transactions or Business Relationships

Reporting entities must be vigilant in identifying suspicious transactions or business relationships. The following criteria should be considered:

  • Suspicion of Proceeds from a Criminal Activity: If there is reasonable grounds to suspect that the property involved is proceeds from a criminal activity, reporting entities must recognize the transaction or business relationship as suspicious.
  • Relation to Terrorism, Terrorist Acts, Terrorist Organizations, or Individual Terrorists: Reporting entities must also recognize transactions or business relationships that are suspected or related to terrorism.

Consideration of Suspicious Transactions or Business Relationships

When considering whether a transaction or business relationship is suspicious, reporting entities should take the following steps:

  • Recognize as Suspicious: If there are reasonable grounds to suspect that a transaction or business relationship is related to money laundering or terrorism financing.
  • Document Non-Recognition: If relevant consideration does not result in recognizing a transaction or business relationship as suspicious, reporting entities must document their grounds for non-recognition and conclusions.

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