Regulatory Alerts2020-07-23 | Circular No.6Added · Updated
Red Flags Indicators for Lawyers, Notaries and Independent Legal Professionals
Under the Anti-Money Laundering Act 2010, legal professionals are mandated to submit Suspicious Transactions Reports to the Financial Monitoring Unit for potential money laundering or terrorism financing activity. The provided red flag indicators serve as a tool to help identify suspicious behavior, though no single indicator definitively confirms illegal activity on its own. Professionals must evaluate these red flags in the context of a client's overall financial activity and profile to properly assess the risk of potential illicit activity.
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