AML/CFTR 4.3.13 Ongoing monitoring required

(1) A firm must conduct ongoing monitoring for each customer.

Note See rule 4.2.2 (What is ongoing monitoring?).
(2) Without limiting subrule (1), the firm must pay special attention to all complex, unusual large transactions, or unusual patterns of transactions, that have no apparent or visible economic or lawful purpose.

1 significant transactions relative to the business relationship with the customer
2 transactions that exceed set limits
3 very high turnover inconsistent with the size of the balance
4 transactions that fall outside the regular pattern of an account's activity
(3) The firm must examine as far as possible the background and purpose of a transaction mentioned in subrule (2) and must make a record of its findings.
(4) A record made for subrule (2) must be kept for at least 10 years after the day it is made.
(5) This rule is subject to rule 5.2.2 (2) (Firm must ensure no tipping-off occurs).
(6) In this rule:
transaction, in relation to insurance business, means the insurance product itself, the premium payment and the benefits.
Derived by QFCRA RM/2019-8 (as from 1st February 2020)