Unusual Transactions or Customer Behaviour
FC-2.2.5
Where an
Islamic bank licensee's risk-based monitoring systems identify significant or abnormal transactions (as defined in FC-2.2.2 and FC-2.2.3), it must verify the source of funds for those transactions, particularly where the transactions are above the transactions threshold of BD 6,000. Furthermore,Islamic bank licensees must examine the background and purpose to those transactions and document their findings.Amended: January 2022
Added: October 07FC-2.2.6
The investigations required under FC-2.2.5 must be carried out by the MLRO (or relevant delegated official). The documents relating to these findings must be maintained for five years from the date when the transaction was completed (see also FC-7.1.1 (b)).
October 07FC-2.2.7
Islamic bank licensees must consider instances where there is a significant, unexpected or unexplained change in customer activity.October 07FC-2.2.8
When an existing customer closes one account and opens another, the
Islamic bank licensee must review its customer identity information and update its records accordingly. Where the information available falls short of the requirements contained in Chapter FC-1, the missing or out of date information must be obtained and re-verified with the customer.October 07FC-2.2.9
Once identification procedures have been satisfactorily completed and, as long as records concerning the customer are maintained in line with Chapters FC-1 and FC-7, no further evidence of identity is needed when transactions are subsequently undertaken within the expected level and type of activity for that customer, provided reasonably regular contact has been maintained between the parties and no doubts have arisen as to the customer's identity.
October 07
