Section 7S: Obligation of Reporting Suspicious Transactions

1) The Reporting Entity shall make a suspicious transaction report to the Financial Information Unit within three days as far as possible if they find the following circumstances in relation to any customer, transaction or property.

(a) If it is suspected or has reasonable grounds to suspect that any of the offences relate to, or are related to, financial investments or other offences in the creation and expansion of weapons of mass destruction or terrorist acts or

(b) If it suspects or has reasonable grounds to suspect that the property is related or linked to, or is to be used for, terrorism, terrorist, terrorist acts or by terrorist organisations or those who finance terrorism.

2) The reporting entity shall also submit the report of attempted transactions or activity to the Financial Information Unit as mentioned in sub-section (1).

¹2A) If it is found that the customer has noticed a suspicious transaction in accordance with sub-sections (1) or (2), the customer shall be identified or updated after submitting a report regarding the suspicious transaction to the indicating institution.

3) Additional grounds or guidance on detecting suspicious activity, the format, method, and procedure for reporting suspicious transactions, and other related information shall be as prescribed by the Financial Information Unit.

^{1Added by Act, 2080 to amend certain Acts relating to Prevention of Money Laundering and Promotion of Business Environment.}