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  • Section 5 Suspicious Transaction Reports (STRs)

    • Article (16)

      Financial Institutions and DNFBPs shall put in place indicators that can be used to identify the suspicion on the occurrence of the Crime in order to report STRs, and shall update these indicators on an ongoing basis, as required, in accordance with the development and diversity of the methods used for committing such crimes, whilst complying with what the Supervisory Authorities or FIU may issue instructions in this regard.

    • Article (17)

      1. In the case of suspecting, or if they have reasonable grounds to suspect, that an Operation or an attempt to carry out an Operation or that Funds representing Proceeds, in whole all or in part, are related to the Crime or that they will be used for such purpose regardless of their value, Financial Institutions and Designated Non-Financial Businesses and Professions shall comply with the following without invoking bank secrecy or professional or contractual confidentiality:
         
        1. Report directly Suspicious Transaction Reports (STRs) to the Unit without delay through its electronic system or any other means approved by the Unit.
           
        2. Respond to all additional information requested by the Unit.
           
      2. Lawyers, notaries and other independent legal professionals and independent legal auditors shall be exempt from the provision of Clause no. (1) of this Article if obtaining information relating to such operations on their assessment of the legal status of the client, defending or representing him/ her, before the courts, arbitration or mediation proceedings, or the provision of legal opinion in a matter relating to a judicial proceeding. This includes providing advice on the commencement or avoidance of such proceedings whether the information was previously obtained, during or after the proceedings or in other circumstances in which they are subject to professional secrecy.
         
      3. Financial Institutions, Designated Non-Financial Businesses and Professions, Virtual Asset Service Providers, members of their boards of directors, employees and legally authorized representatives shall not incur any administrative, civil or criminal responsibility resulting from the disclosure of any secret, when informing the unit or providing it with information in good faith, even if they do not know exactly what the crime is or whether it actually occurs.
         
      This article has been amended by Cabinet Resolution No. (24) of 2022. You are viewing the latest version. To view the previous version, click the version box below.
      Version 1(effective from 10/02/2019 to 01/04/2022)

       

      • If Financial Institutions and DNFBPs have reasonable grounds to suspect that a Transaction, attempted Transaction, or funds constitute crime proceeds in whole or in part, or are related to the Crime or intended to be used in such activity, regardless of the amount, they shall adhere to the following without invoking bank secrecy or professional or contractual secrecy:
         
        1. Directly report STRs to the FIU without any delay, via the electronic system of the FIU or by any other means approved by the FIU
           
        2. Respond to all additional information requested by the FIU.
           
      • Lawyers, notary publics, other legal stakeholders and independent legal auditors shall be exempt from Clause (1) of this Article, if obtaining this information regarding such Transactions relates to the assessment of their Customers’ legal position, or defending or representing them before judiciary authorities or in arbitration or mediation, or providing legal opinion with regards to legal proceedings, including providing consultation concerning the initiation or avoidance of such proceedings, whether the information was obtained before or during the legal proceedings, or after their completion, or in other circumstances where such Customers are subject to professional secrecy.
         
      • Financial Institutions and DNFBPs, their board members, employees and authorised representatives shall not be legally liable for any administrative, civil or criminal liability for reporting when reporting to the Unit or providing information in good faith.
         

       

    • Article (18)

      1. Financial Institutions and Designated Non-Financial Businesses and Professions, their directors, officials and employees shall not disclose, directly or indirectly, to the Client or any other person, their reporting, or that they are about to report suspicious operations or information and data related to them. They shall not also disclose the existence of an investigation. This does not prevent sharing of information with branches and subsidiaries at the level of the financial group in accordance with the provisions of Article no. (31) of this decision.
         
      2. An attempt by lawyers, notaries pubic, other independent legal professionals, or independent legal auditors to dissuade the Client from performing an act that is contrary to the law shall not be considered as disclosure.
         
      This article has been amended by Cabinet Resolution No. (24) of 2022. You are viewing the latest version. To view the previous version, click the version box below.
      Version 1(effective from 10/02/2019 to 01/04/2022)

       

      1. Financial Institutions and DNFBPs, their managers, officials or staff, shall not disclose, directly or indirectly, to the Customer or any other person(s) that they have reported, or are intending to report a Suspicious Transaction, nor shall they disclose the information or data contained therein, or that an investigation is being conducted in that regard.
         
      2. When lawyers, notaries, other independent legal professionals, and legal independent auditors attempt to discourage their Customers from committing a violation, they shall not be considered to have made a disclosure.