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Reporting Institution (RI) Duties and Responsibilities
Reporting Institution Main Duties
Report suspicious transactions to the relevant authorities.
Any transactions that may be related to money laundering, terrorist financing, or other illegal activities. RI are required to have systems in place to identify and report suspicious transactions, and to cooperate with law enforcement agencies in any investigations.
In addition to reporting suspicious transactions, RI also have a duty to comply with customer due diligence requirements. This includes verifying the identity of customers and understanding the nature of their business, as well as conducting ongoing monitoring of transactions to identify any unusual or suspicious activity.
Due Diligence.
Anti Money Laundering.
RI are also responsible for maintaining accurate and complete records of financial transactions and for providing these records to the relevant authorities upon request. This is an important aspect of the fight against money laundering and other financial crimes, as it allows law enforcement agencies to trace the movement of funds and identify any illegal activity.
Overall, the duties and responsibilities of RI are designed to help prevent financial crime and protect the integrity of the financial system. These institutions play a crucial role in ensuring that the financial system is transparent and compliant with the law.