Seminar On Suspicious Transaction Report

Bandar Seri Begawan - The Ministry of Finance, through the Federal Intelligence Unit in the Financial Institutions Division is actively educating the financial institutions as well as members of the public in pursuit of its commitment to insulate the country's financial system against the threat of money laundering and terrorist financing. One of the efforts is by organising a seminar on Suspicious Transaction Report held yesterday morning, RTB reported.

The seminar was presented by the Supervision Expert at the Financial Institutions Unit, Ms Joan De Zilva. The seminar aims to acquaint the public on the identification of suspicious transactions in the context of offences relating to money laundering and the financing of terrorism.

A reporting format was also introduced to capture the material information necessary to constitute a suspicious transaction based on which the Financial Intelligence Unit can pursue action with the law enforcement agencies.

Miss De Zilva also stressed the ability to detect suspicious transactions rests fundamentally on a strong "know-your-customer and customer-due diligence" rules adherence within the financial institutions.

The seminar is the second initiative by the Financial Intelligence Unit in the efforts to better equip the financial institutions as well as the public to cope with the ever-increasing threat of money laundering and terrorist financing.

Present was the Director of Financial Institutions Division, Hjh Rosni Hj Tungkat.  -- Courtesy of Borneo Bulletin

Click Here To Have Your Say On This Story

Brudirect.com News

Brunei's Fastest Growing Website with