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Guideline on Anti-Money Laundering and the Combating of Terrorist Financing22.4 A financial institution should clearly explain to its directors, senior management and employees the laws, thepenalties for non-compliance, their obligations and the requirements concerning customer due diligence andsuspicious activity reporting. In particular directors, senior management and other employees should besensitized as to:-a) the importance of adhering to customer due diligence policies, the processes for verifying customeridentification and the circumstances for implementing enhanced due diligence procedures;b) the procedures to follow for detection of unusual or suspicious activity across lines of business andacross the financial group;c) the completion of unusual and suspicious transaction reports;d) treatment of incomplete or declined transactions; ande) the procedures to follow when working with law enforcement or the FIU on an investigation.23. STATUTORY REPORTING REQUIREMENTS23.1 In addition to the internal reporting requirements (see section 20.6 of this Guideline), several statutoryreports are required to be provided to the FIU and the Central Bank.23.2 Where a financial institution is required to report to the FIU, the format of such reports and the manner inwhich such reports are to be submitted to the FIU shall be prescribed or specified by the FIU. Similarly,where a financial institution is required to report to the Central Bank as is the case with the submission ofthe external audit report, the manner of such reporting may be specified by the Central Bank.23.3 In addition to the reporting of SARs (section 18 of this Guideline refers), every financial institution is requiredto disclose forthwith to the FIU:a) The existence of any property in his possession or control, which to his knowledge is terrorist propertyor which there are reasonable grounds to believe is terrorist property;b) Any information regarding a transaction or proposed transaction in respect of terrorist property; orc) Any information regarding a transaction or proposed transaction which there is reasonable grounds tobelieve may involve terrorist property 49 .23.4 Subsequent to the initial disclosure under 23.3, every financial institution is required to report everythree months to the FIU if:a) it is not in possession or control of terrorist property, that it is not in possession or control of suchproperty; or49 Refer to ATA, Section 33 (1).Page 47 of 75
Guideline on Anti-Money Laundering and the Combating of Terrorist Financingb) it is in possession or control of terrorist property that it is in possession or control of such property andthe particulars relating to the persons, accounts and transactions involved and the total value of theproperty 50 .23.5 Every financial institution shall report, to the FIU every transaction which occurs within the course of itsactivities, in respect of which there are reasonable grounds to suspect that the transaction is related to thecommission of a terrorist act 51 .23.6 In addition, the FIU may request any other information from a financial institution either orally, in writing orelectronically 52 .50 Refer to ATA, Section 33 (3).51 Refer to ATA, Section 33(4).52 Regulation 3.4 of FIUTT Regulations, 2011.Page 48 of 75
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