How to report AML by entities

How to report AML by Entities

How to report AML by entities: Procedure and manner of furnishing information by reporting entities.—(1) Every reporting entity shall file with FMU, to the extent and in the manner prescribed by the FMU, Report of Suspicious Transaction conducted or attempted by, at or through such reporting entity, if it knows, suspects or has reason to suspect that the transaction or a pattern of transactions of which the transaction is a part,-(a) involves funds derived from illegal activities or is intended or conducted in order to hide or disguise proceeds of crime;

(b) is designed to evade any requirements of this Act;

(c) has no apparent lawful purpose after examining the available facts, including the background and possible purpose of the transaction; or

(d) involves financing of terrorism, including fund collected, provided, used or meant for, or otherwise linked or related to, terrorism, terrorist acts or organizations and individuals concerned with terrorism:

Provided that STR9 shall be filed by the reporting entity with the FMU promptly.

(2)      Any government agency, autonomous body, oversight body for SRB, AML/CFT11 regulatory authority, domestic or foreign, may share intelligence or report their suspicions within the meaning of STR12 or CTR to FMU in normal course of their business and the protection provided under section 12 shall be available to such agency, body or authority.

(3)      All CTRs shall, to the extent and in the manner prescribed by the FMU, be filed by the reporting entities with the FMU immediately, but not later than seven working days, after the respective currency transaction.

(4)      Every reporting entity shall keep and maintain all record related to STRs13 and CTRs filed by it for a period of at least ten14 years after reporting of transaction under sub-sections (1), (2) and (3).

(5)      The provisions of this section shall have effect notwithstanding any obligation as to secrecy or other restriction on the disclosure of information imposed by any other law or written document.

(6)      Notwithstanding anything contained in any other law for the time being in force, any STRs15 required to be submitted by any person or entity to any investigating or prosecuting agency shall, on the commencement of this Act, be solely and exclusively submitted to FMU to the exclusion of all others.

Anti Money Laundering Training

Anti Money Laundering Training / Financial Crime training is available in Lahore, Islamabad, Karachi Pakistan as “online live training” or “onsite live training”.

This training on Anti Money Laundering in Lahore will cover different types of anti money laundering schemes and will equip participants in knowing how to analyze them and how to identify leads.

This training on Anti Money Laundering in Lahore, Islamabad, Karachi, Faisalabad is also available as inhouse training option for companies all over Pakistan.

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