Suspicious transaction reports are confidential; they must not be disclosed to the parties or third persons. Breaching the reporting obligation can lead to administrative and criminal sanctions. Transaction monitoring scenarios and staff training are important for effective detection.
Related terms
MASAKThe Financial Crimes Investigation Board, affiliated to the Ministry of Treasury and Finance, which develops policy and supervises obliged parties in combating money laundering and terrorist financing.Money launderingIntroducing proceeds of crime into the financial system and concealing their source so that they appear to come from legitimate sources.Compliance officerThe authorised person responsible for running the compliance programme for the prevention of money laundering and terrorist financing at an obliged entity.Compliance auditAn examination of whether an organisation's activities are carried out in accordance with the relevant laws, regulations, contracts or internal rules.Compliance programmeThe full set of policies, procedures, controls, training and monitoring activities an organisation puts in place to ensure compliance with laws and internal policies.COSOThe organisation that publishes the most widely accepted frameworks for internal control and enterprise risk management, and the general name for those frameworks.
Last updated: October 22, 2026 · This definition is for general information only.