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  • FC-5.2 FC-5.2 External Reporting

    • FC-5.2.1

      Conventional bank licensees must take reasonable steps to ensure that all reports made under Section FC-5.1 are considered by the MLRO (or his duly authorised delegate). Having considered the report and any other relevant information the MLRO (or his duly authorised delegate), if he still suspects that a person has been engaged in money laundering or terrorism financing, or the activity concerned is otherwise still regarded as suspicious, must report the fact promptly to the relevant authorities. Where no report is made, the MLRO must document the reasons why.

      October 07

    • FC-5.2.2

      To take reasonable steps, as required under Paragraph FC-5.2.1, conventional bank licensees must:

      (a) Require the MLRO to consider reports made under Section FC-5.1.1 in the light of all relevant information accessible to or reasonably obtainable by the MLRO;
      (b) Permit the MLRO to have access to any information, including know your customer information, in the conventional bank licensee's possession which could be relevant; and
      (c) Ensure that where the MLRO, or his duly authorised delegate, suspects that a person has been engaged in money laundering or terrorist financing, a report is made by the MLRO which is not subject to the consent or approval of any other person.
      October 07

    • FC-5.2.3

      Reports to the relevant authorities made under Paragraph FC-5.2.1 must be sent to the Financial Intelligence Directorate at the Ministry of Interior and the CBB's Compliance Directorate using the Suspicious Transaction Report Online System (Online STR system). STRs in paper format will not be accepted.

      Amended: January 2020
      Amended: October 2019
      Amended: July 2016
      Amended: October 2014
      October 07

    • FC-5.2.4

      Conventional bank licensees must report all suspicious transactions or attempted transactions. This reporting requirement applies regardless of whether the transaction involves tax matters.

      October 07

    • FC-5.2.5

      Conventional bank licensees must retain all relevant details of STRs submitted to the relevant authorities for at least five years.

      Amended: October 2014
      October 07

    • FC-5.2.6

      In accordance with the AML Law, conventional bank licensees, their Directors, officers and employees:

      (a) Must not warn or inform ('tipping off') their customers, the beneficial owner or other subjects of the STR when information relating to them is being reported to the relevant authorities; and
      (b) In cases where conventional bank licensees form a suspicion that transactions relate to money laundering or terrorist financing, they must take into account the risk of tipping-off when performing the CDD process. If the conventional bank licensee reasonably believes that performing the CDD process will tip-off the customer or potential customer, it may choose not to pursue that process, and must file an STR.
      Amended: January 2018
      October 07