46 Obligation to monitor customer activities and transactions

(1) A reporting entity shall conduct ongoing monitoring of a business relationship.
(2) “Ongoing monitoring” of a business relationship means—

(a) scrutinising transactions undertaken throughout the relationship to ensure that the transactions are consistent with the reporting entity’s knowledge of the customer, the business and risk profile and the source of funds of the customer; and
(b) keeping the documents, data or information obtained for the purpose of applying customer due diligence measures up to date.
(3) A reporting entity shall pay special attention to—
(a) any complex, unusual or large transaction;
(b) any unusual pattern of transactions, with no apparent economic or lawful purpose.
(4) A reporting entity shall pay special attention to—
(a) business relations and transactions with persons in jurisdictions that do not have adequate systems in place to prevent or deter money laundering or financing of terrorism;
(b) electronic funds transfers that do not contain complete originator information.
(5) In relation to subsections (1), (2) and (3), a reporting entity shall—
(a) examine as far as possible the background and purpose of the transactions or business relations and record its findings in writing;
and
(b) upon request, make available such findings to the FIU or to the Attorney-General to assist them in assessing an offence of money laundering or terrorist financing activities.