Regulatory Alerts2008-11-22
Added · Updated
Anti Money Laundering Regulations, 2008
The Financial Monitoring Unit designates itself as the sole agency for receiving suspicious transaction reports (STRs) and currency transaction reports (CTRs) from financial institutions and non-financial businesses and professions (NFBPs). These entities must file STRs within seven working days of forming a suspicion and CTRs for cash transactions exceeding the National Executive Committee threshold within the same timeframe. The regulations authorize the Director General to grant discretionary exemptions from CTR reporting for qualified business customers and permit the freezing of property for up to fifteen days upon reasonable suspicion of money laundering or terrorist financing. Additionally, the rules prohibit tipping off subjects of reports and provide legal immunity for good faith disclosures to the Financial Monitoring Unit.