Reporting entities

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.

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