The Licensed Person must introduce automated systems and tools to support transaction monitoring, that are risk-based and appropriate to the nature, size and complexity of its business.
16.24.2
The monitoring systems must be configured to identify abnormal/unusual transactions, patterns of activities or behaviours of customers by defining sufficient number of rules and parameters within the system. Rules and parameters must take account of ML/FT typologies in the Exchange Business sector. Special attention must be given to third party transactions while defining rules and parameters.
16.24.3
Information related to the expected annual activity collected at the time of customer onboarding process must be used to assess any deviations or unusual behaviours/patterns.
16.24.4
All abnormal/unusual transactions must be investigated and supporting records must be retained for the minimum retention period as per Paragraph 16.29 of this Chapter.
16.24.5
After investigation of abnormal/unusual transactions, if reasonable grounds are established to suspect money laundering, terrorist financing and/or financing of illicit organizations, such transactions must be reported, without any delay, to the FIU. Please refer to paragraph 16.26 of this Chapter for further information.
16.24.6
Where a report is made to the FIU, it must be considered as part of the ongoing monitoring of the customer as required by paragraphs 16.9.11 and 16.11.7 of this Chapter.