Section 7N: Special Monitoring of Certain Transactions

1) There has to be special monitoring of certain transactions. The transactions which need special monitoring by the reporting entities are:

(a) All complex, unusual large transactions and all unusual patterns of transactions or which have no apparent economic or visible lawful purpose,

(b) Business relationships and transactions relating to the customer and financial institution of a country internationally identified as a country that does not or insufficiently comply with international standards,

(c) Such other transactions prescribed by the Regulator.

2) The reporting entity shall examine as far as reasonably possible the background and purpose of transactions referred in accordance with sub-section (1)  above and record the conclusion drawn therein.

3) The reporting entity shall keep the records of such measures in accordance with sub-section(2) taken for five years at the minimum and shall be made available promptly if requested by the Financial Information Unit or Regulator or a competent authority.