Regulatory Alerts2020-07-23 | Circular No.5Added · Updated
Jewelers and Precious Metals / Stones Dealers Red Flags
Reporting entities, including jewelers and precious metal dealers, must promptly file Suspicious Transaction Reports (STRs) with the Financial Monitoring Unit in accordance with the Anti-Money Laundering Act, 2010. The FMU has provided specific red flag indicators designed to assist these entities in identifying potential money laundering or terrorism financing activities. While individual red flags are not conclusive, they must be evaluated in combination with a client's overall financial activity and profile to determine if a reportable suspicion exists.
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