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FIU: KEY FUNCTIONS
FIU: KEY FUNCTIONS
FAQs
WHO IS A REPORTING ENTITY? ( Cont'd)

1.  Dealing in real estate when the persons dealing are involved in transactions for their client concerning the buying and
    selling of real estate.

1.  Dealing in precious metals or stones – when the persons dealing engages in any cash transaction with a customer equal to or
    above a threshold as may be prescribed by order of the Minister responsible for Finance.

REPORTING OF SUSPICIOUS BUSINESS TRANSACTIONS BY REPORTING ENTITY

A reporting entity must pay special attention to all complex, unusual or large business transactions, whether completed or not, and to all unusual patterns of transactions and to insignificant but periodic transactions, which have no apparent economic or lawful purpose.
Upon reasonable suspicion that the transaction described above may constitute or relate to money laundering, proceeds or crime or terrorist financing, a reporting entity must promptly report the suspicious transaction to the Financial Intelligence Unit.
Where the reporting entity is a money transfer agency it must report any money transfer over two hundred thousand dollars ($200,000.00).
Where the reporting entity is a cambio it must report any purchase over four hundred thousand dollars ($400,000.00); sale over one million dollars ($1,000,000.00); and any cash transaction over two million dollars ($2,000,000.00).

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