• Unusual Transactions or Customer Behaviour

    • AML-2.2.5

      Where a Capital Market Licensee's risk-based monitoring systems identify significant or abnormal transactions (as defined in paragraph AML-2.2.2 and rule AML-2.2.3), it must verify the source of funds for those transactions, particularly where the transactions are above the transactions threshold of BD6,000. Furthermore, Capital Market Licensees must examine the background and purpose to those transactions and document their findings. In the case of one-off transactions where there is no ongoing account relationship, the Capital Market Licensees must file a Suspicious Transaction Report (STR) if it is unable to verify the source of funds to its satisfaction (see Chapter AML-4).

      Amended: January 2022
      Added: October 2010

    • AML-2.2.6

      The investigations required under rule AML-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 rule AML-6.1.1 (b)).

      October 2010

    • AML-2.2.7

      Capital Market Licensees must consider instances where there is a significant, unexpected or unexplained change in customer activity.

      Amended: January 2022
      Added: October 2010

    • AML-2.2.8

      When an existing customer closes one account and opens another, the Capital Market Licensees must review its customer identity information and update its records accordingly. Where the information available falls short of the requirements contained in Chapter AML-1, the missing or out-of-date information must be obtained and re-verified with the customer.

      Amended: January 2022
      Added: October 2010

    • AML-2.2.9

      Once identification procedures have been satisfactorily completed and, as long as records concerning the customer are maintained in line with Chapters AML-1 and AML-6, 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 2010