Reporting of suspicious transactions Procedure

Asset freezing and Reporting of suspicious transactions Procedure

  1. Reporting of suspicious transactions 

Ongoing review and monitoring of account transactions enables a bank to notice doubtful activities, suspicious report transactions that are promptly genuine, and eliminate false positives.  The identification, investigation, and reporting of transactions that appear suspicious to the financial intelligence unit (FIU) ought to be specified in the banks’ policies and passed on to all employees by training them continuously (Basel Committee on Banking Supervision, 2017). Bank policies and procedures should give employees a description of their instructions and obligations for investigating and reporting such activities in financial institutions, including directions on the completion of such reports. Such procedures should mirror the confidentiality principle, ensure swift investigation conduct, including production and submission of relevant information in the proper manner. 

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The chief officer of AML/CFT makes sure swift disclosure when properties or funds that are suspected to be used for crime are in the account. For example, in addition to suspicious activity reports, when suspicion that relates to a relationship or an account is raised, banks should ensure that proper actions are taken to end the threats of banks that are under use for illegal activities, as highlighted by the Basel Committee on Banking Supervision (2017). 

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