Obligation to obtain information and report suspicious transactions

Developments in customer relationships and use of services must be monitored as part of the overall arrangements for risk management and internal controls. In this context, the scope of monitoring includes customers’ use of financial services, deposits, payment transfers, investment activities and insurance services.

The obligation to obtain information means that in detecting an unusual or suspicious business transaction, the supervised entity must examine the purpose of, and grounds for, the business transaction and, on the basis of the information thus obtained, consider whether there is reason to report the case to the Financial Intelligence Unit (FIU).

Supervised entities are not liable to compensate for such financial damage that a customer may incur due to an examination or suspension of a business transaction or because the supervised entity refuses to execute an order or reports it to Financial Intelligence Unit. A condition for such exemption from liability, however, is that the supervised entity has proceeded with such care as may be reasonably required, considering the circumstances.




15 December 2015

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