Section 12
Financial institutions or designated non-financial business and professions shall –
of Criminal Asset Recovery Order, 2012
(a)
pay special attention to all complex, unusual large transactions and all unusual patterns of transactions which have no apparent economic or visible lawful purpose;
Incorporating amendments until S 22/2017
(Cleancopy) NHN/Amiriah/Bb/Karimah as of 26.12.2019
*Note: amendment on page 7,75,81,123 on 11.01.2020
29
BLUV as at 11th March 2017
(b)
pay special attention to business relations and transactions with persons, including legal persons and arrangements, from or in countries that do not or insufficiently apply the relevant international standards to combat money laundering and the financing of terrorism;
(c)
examine as far as possible the background and purpose of the transactions under paragraphs (a) and (b) and set forth in writing their findings. The findings shall be maintained as specified in section 16 and shall be made available promptly if requested by the Financial Intelligence Unit, a supervisory authority or any authorised enforcement agency;
(d)
take such specific measures as may be prescribed from time to time by the Minister or Authority, as the case may be, by regulations to counter the risks with respect to business relations and transactions specified under paragraph (b).
Additional procedures for ongoing due diligence.