FC-5.2 FC-5.2 External Reporting
FC-5.2.1
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 therelevant authorities . Where no report is made, the MLRO must document the reasons why.October 2010FC-5.2.2
To take reasonable steps, as required under Paragraph FC-5.2.1,
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 thelicensee'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 2010FC-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 CBB's Compliance Directorate using the Suspicious Transaction Reporting Online System (Online STR system). STRs in paper format will not be accepted.Amended: October 2019
Amended: July 2016
Amended: October 2014
October 2010FC-5.2.4
Licensees must report all suspicious transactions or attempted transactions. This reporting requirement applies regardless of whether the transaction involves tax matters.October 2010FC-5.2.5
Licensees must retain all relevant details of STRs submitted to therelevant authorities , for at least five years.Amended: October 2014
October 2010FC-5.2.6
In accordance with the AML Law,
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 therelevant authorities ; and(b) In cases wherelicensees 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 thelicensee 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 2010