All provisions · AML/CFT Act (Cap. 251) · Part Ii: Offence of money laundering and related offences
5 Cash transaction and wire transfer threshold reporting
(1) All reporting entities executing a cash transaction, wire transfer or virtual asset transfer in the amount specified in Schedule 3 shall retain the details
and report the particulars concerning such transactions to the FIU. (Amended by Act 12 of 2024)
(1A) A reporting entity must ensure that, when complying with subsection
(1) in relation to a virtual asset transfer, the reporting entity reports transfers within the required threshold, including instances where there are multiple transfers and such transfers have been made within a consecutive 24 hour period to the total of the prescribed threshold, and the reporting entity has knowledge that those transfers were either conducted by the same person, conducted on behalf of the same person (third party), or are for the same beneficiary.
(Inserted by Act 12 of 2024)
(2)For the purposes of subsection (1), a reporting entity may apply for a reporting exemption on behalf of their customer in the manner as may be specified by the FIU.
(3) A reporting entity, which fails to report a cash transaction, wire transfer or virtual asset transfer under subsection (1) or materially misrepresents the amount of such transaction, commits an offence and is liable to a fine not exceeding SCR 200,000 for each such failure.
(Amended by Act 12 of 2024)
(4) The Minister may by notice in the Official Gazette amend Schedule 3 from time to time.
(Amended by Act 7 of 2021)
and report the particulars concerning such transactions to the FIU. (Amended by Act 12 of 2024)
(1A) A reporting entity must ensure that, when complying with subsection
(1) in relation to a virtual asset transfer, the reporting entity reports transfers within the required threshold, including instances where there are multiple transfers and such transfers have been made within a consecutive 24 hour period to the total of the prescribed threshold, and the reporting entity has knowledge that those transfers were either conducted by the same person, conducted on behalf of the same person (third party), or are for the same beneficiary.
(Inserted by Act 12 of 2024)
(2)For the purposes of subsection (1), a reporting entity may apply for a reporting exemption on behalf of their customer in the manner as may be specified by the FIU.
(3) A reporting entity, which fails to report a cash transaction, wire transfer or virtual asset transfer under subsection (1) or materially misrepresents the amount of such transaction, commits an offence and is liable to a fine not exceeding SCR 200,000 for each such failure.
(Amended by Act 12 of 2024)
(4) The Minister may by notice in the Official Gazette amend Schedule 3 from time to time.
(Amended by Act 7 of 2021)
Official source: Anti-Money Laundering and Countering the Financing of Terrorism Act (Cap. 251), Act 5 of 2020, Revised Edition as at 17 January 2025 (Acts 5 of 2020, 7 of 2021, 8 of 2021, 62 of 2021, 9 of 2022, 12 of 2024, S.I. 145 of 2020)
