CHAPTER 5

Suspicious Transaction Types

According to MASAK’s website, suspicious transaction types are mentioned as follows:

    •  Circumstances of clients not willing to provide information about the transaction or themselves during the operation. Additional situations include providing inadequate or wrong information or documents and the purpose of the transaction to the relevant authorities or financial institutions. or cases when transactions do not meet its declared purposes.

    •  Establishing transactions by transferring large funds to countries with illegal activities such as; drug trafficking, smuggling, or terrorist financing. These large transactions could also be directed to offshore centers.

    •  Inactive bank accounts with large ...

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