Where a conventional 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, conventional bank licensees must examine the background and purpose to those transactions and document their findings.
Amended: January 2022
Added: October 07