Financial institutions have played an important role in the prevention of money laundering and terrorist financing for a number of years and various countries have imposed specific measures for detecting and reporting suspicious transactions.
Subsequently similar measures were imposed on other institutions, non-financial professions, which are also vulnerable to money laundering and terrorist financing.
This section contains:
the list of individuals and institutions subject to the law
an overview of reporting entities’ main obligations
information notes for reporting entities
practical information on the online disclosure system
The main role of these institutions and professions regarding the prevention of money laundering and/or terrorism financing is mentioned in FATF recommendation 13 stating that if a financial institution suspects or has reasonable grounds to suspect that funds are the proceeds of a criminal activity, or are related to terrorist financing, it should be required, directly by law or regulation, to report promptly its suspicions to the financial intelligence unit.