Regulatory Alerts2020-08-17 | Circular No.8Red Flag Indicators for Misuse of Legal Persons
The Financial Monitoring Unit mandates that all reporting entities promptly submit Suspicious Transactions Reports (STRs) under Section 7(1) of the Anti-Money Laundering Act, 2010. While individual indicators of potential money laundering or terrorism financing may appear suspicious, reporting entities should evaluate combinations of these red flags alongside the client's overall financial profile. This guidance serves as an analytical aid to assist institutions in identifying and reporting illicit activities involving legal persons.
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