Regulatory Alerts2011-01-24
Added · Updated
Guidance Manual for Anti-Money Laundering and Counter Terrorism Financing for Money Exchange Companies
The document provides money exchange companies with specific indicators to identify suspicious transactions related to money laundering and terrorism financing. It details red flags across cash transactions, transfers, international banking, electronic exchanges, and money consignments, including behaviors involving structuring, unexplained wealth, and transactions with high-risk jurisdictions. The manual also outlines customer and employee behaviors that signal potential illicit activity, such as refusal to provide identification or sudden lifestyle changes inconsistent with income. Issuing authorities require money changers to implement monitoring systems, maintain control reports, and follow up on global updates from agencies like the Financial Action Task Force.