Video on When to file SAR under UAE AML law?
Video on When to file SAR under UAE AML law?
The regulated entities must identify the suspicions related to money laundering or terrorism financing and report the same to FIU. It is very important to determine when the report is to be filed on the goAML Portal.
A Suspicious Activity Report (SAR) is to be filed when the regulated entities have reasonable grounds to believe any activity or transaction of the customer is related to any financial crime or money laundering/terrorist activities.
Circumstances when it is required to file SAR:
- Refusing to provide KYC details
- Transaction proposed on behalf of undisclosed principal
- Involvement of too many intermediaries
- Proposed customer associated with a sanctioned person
- Sudden cancellation of proposed transaction
- Carrying business without proper licenses
- Insisting on maintaining secrecy
- No economic rationale
Related Posts
Chapters
- 0:00 Introduction
- 0:38 Who is filing the SAR Report and When?
- 1:06 Why refusing to provide identification details during KYC process is a red flag?
- 1:45 Why unusual series of complex transactions is a suspicious activity?
- 2:12 Why sudden cancellation of proposed transaction is a red flag?
- 3:09 When to file SAR under the UAE AML Law?
- 3:23 Conclusion and regards
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