Article 15
| No: 14525 | Date(g): 8/11/2017 | Date(h): 19/2/1439 | Status: In-Force |
| FIs, DNFBPs, and NPOs including the attorneys and any person providing legal or accounting type services, that suspects or has reasonable grounds to suspect that funds or parts thereof, regardless of their amounts, are proceeds of crime or are related to money laundering or that such funds will be used in acts of money laundering, including attempts to initiate such a transaction, shall Promptly and directly take the following measures: | ||
| 1- | Report such transaction to the General Directorate of Financial Intelligence; and provide a detailed report including all available data and information on such transaction and relevant parties. | |
| 2- | Promptly and fully respond to requests from the Directorate for additional information. | |
15/1
Suspicious reporting requirement stipulated under this article shall include the following:
| a) | A financial institution or designated non-financial business or profession or NPO that suspects or has reasonable grounds to suspect that funds or parts thereof, are proceeds of crime or are related to money laundering or that such funds will be used in acts of money laundering, including attempts to initiate such a transaction, | |||
| b) | A financial institution or designated non-financial business or profession or NPO that suspects or has reasonable grounds to suspect that any of the complicated, high-volume, or suspicious transaction that relates to money laundering, including the attempt to execute any of these transations. | |||
15/2
The reporting obligation under Article 15 of the law applies regardless of the amounts involved.
15/3
A financial institutions, designated non-financial businesses and professions, or NPO shall implement indicators of suspected acts of money laundering. These indicators shall be updated on a continuous basis according to the development and diversity of methods used to carry out such acts, while complying with the publications of supervisory authorities in this regard.
15/4
The reporting shall be provided as per the form adopted by the Directorate, and as minimum shall include the following information:
| A. | Names, addresses and phone numbers of those carrying out suspicious transactions; | |||
| B. | A statement of the suspicious transaction, its involved parties, circumstances surrounding its detection and its current status; | |||
| C. | Specifying the amount of the suspicious transaction and relevant bank or investment accounts; and | |||
| D. | The reasons and causes of suspicion on the basis of which the employee made such report. | |||
The directorate of financial intelligence shall further specify the manner in which reports under this Article are to be made and the information that shall be transmitted as part of the report.