AMLG 5.2.2 Firm must ensure no tipping-off occurs
(1) A firm must ensure that:
(a) its officers and employees are aware of, and sensitive to:
(i) the issues surrounding tipping-off; and
(ii) the consequences of tipping-off; and
(b) it has policies, procedures, systems and controls to prevent tipping-off within the firm or its group.
(2) If a firm believes, on reasonable grounds, that an applicant for business or a customer may be tipped off by conducting CDD or ongoing monitoring, the firm may make a suspicious transaction report to the FIU instead of conducting the CDD or monitoring.
(3) If the firm acts under subrule (2), the MLRO must make and keep records to demonstrate the grounds for the belief that conducting CDD or ongoing monitoring would have tipped off an applicant for business or a customer.
|Derived by QFCRA RM/2019-9 (as from 1st February 2020)|