Regulatory Alerts2020-07-23 | Circular No.4Added · Updated
Accountants Red Flags
The Financial Monitoring Unit mandates that accountants, as designated non-financial business professionals, must promptly report suspicious transactions related to money laundering or terrorism financing under the Anti-Money Laundering Act, 2010. FMU has issued specific red flag indicators to assist these professionals in identifying potentially illicit activities. Practitioners should not rely on single indicators but must evaluate combinations of red flags alongside comprehensive client profiles and financial activity analysis to determine if suspicious activity exists.
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