70. Are reporting entities required to enforce enhanced due diligence policies and procedures regarding politically exposed persons?

20. Financial institutions to monitor transactions-(1) A financial institution shall pay special attention to:

(a) any complex, unusual or large transactions; and

(b) any unusual patterns of transactions, that have no apparent or visible economic or lawful purpose.

(2) A financial institution shall pay special attention to:

(a) business relations and transactions with persons in jurisdictions that do not have adequate systems in place to prevent or deter money laundering or the financing of terrorism; and

(b) electronic funds transfers that do not contain complete originator information.

(3) In relation to subsections (1) and (2), a financial institution shall:

(a) examine as far as possible the background and purpose of the transactions or business relations and record its findings in writing; and

(b) upon request, shall make available such findings to the Financial Intelligence Unit or to a law enforcement agency, to assist the FIU or the law enforcement agency in any investigation relating to a serious offence, a money laundering offence or an offence of the financing of terrorism.

Source: Article 20, Money Laundering Prevention Act 2007 consolidated to December 2016

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