FinTRACA launched the database of High Risk Subjects “Watch – List”
Date: July 2017
FinTRACA Watch-List is established to identify “High Risk Subjects”, where irregularities are present, or where the potential for money laundering and/or other predicate offenses exists. “FinTRACA Watch-List” will support the reporting entities for customer due diligence and can be considered as supportive surveillance tool to identify high risk individuals and legal entities.
As criminals are constantly adapting new methods of money laundering and terrorist financing, therefore based on legal powers described under the articles # 32 & 24 of Anti Money Laundering and Proceeds of Crime Law and the details described in Annex III of the AML/CFT Responsibilities and Preventative Measures Regulation, FinTRACA established the database called “FinTRACA Watch-list” and releases the list of high risk subjects to Financial Institutions in order to remain alert of the evolving threats of Money Laundering.
Based on the relevant procedure, financial Institution may take the following action (s);
a) Enhanced Customer Due Diligence (EDD)
b) Termination of business relationship
c) Report to FinTRACA on positive match and actions already taken by financial institution
d) Detailed assessment of the subject (s)
e) Reporting new red-flags and STRs to FinTRACA
Reporting entities should note that this list is not exhaustive and may be changed/updated. “FinTRACA Watch-List” may not include UNSCR designations, OFAC or any other foreign sanction lists. This watch list doesn’t bypass the responsibilities of financial institutions against foreign sanctions regime or any other instruction issued by competent local authority (ies). Financial institutions are still obliged to follow the laws, regulations, internal policies and mutual commitments with the national and international counterparts.
The list is not public and shall be provided on regular basis to registered subscribers. To subscribe, please send your request to firstname.lastname@example.org or contact via phone number +93 (0) 202512689.
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