A suspicious transaction will often be one when the transaction raises questions or gives rise to discomfort, apprehension or mistrust. When considering whether there is reason to be suspicious of a particular situation one should assess all the known circumstances relating to that situation. This includes the normal business practises and systems within the industry where the situation arises.
A suspicious situation may involve several factors that may on their own seem insignificant, but taken together, may raise suspicion concerning that situation. The context, in which a situation arises, therefore, is a significant factor in assessing suspicion. This will vary from business to business and from one customer to another. The FIC has issued Guidance Note 4B on reporting suspicious and unusual transactions to the FIC.
Category: Compliance and supervision / Suspicious and unusual transaction reporting