Suspicious transactions, which entities are included in the list? - Notaries, accountants and real estate agents, reporting obligation
The government is taking measures to prevent money laundering in the country, extending them to sectors that have been considered problematic in this regard.
Referring to the Ministry of Finance's instruction, they will now be obliged to report suspicious transactions, including gambling entities, casinos and racetracks, of any form; lawyers, notaries and other professions; real estate agents, any natural or legal person; who deal with the administration of third-party assets and/or the management of activities related to them; construction; the business of precious metals and stones; financial agreements and guarantees; the sale and purchase by auction of items worth 1 million lek or more; the sale and purchase or mediation of works of art worth over 1 million lek, regardless of whether the transaction is carried out in a single transaction or in several transactions related to each other, the provision and administration of physical money or easily convertible securities, on behalf of third parties; forwarding and/or transport activities; the trading of land, sea and air motor vehicles; travel agencies.
Also, there is a reporting obligation for any individual, natural or legal person, who trades goods or services that makes or receives payments in physical cash in an amount of 1 million or more, regardless of whether the transaction is carried out in a single transaction or in several related transactions; statutory auditors, approved accountants, tax advisors, as well as any other person who undertakes to provide directly or through other persons with whom that person is related, material assistance, assistance or advice on tax matters, as their main business or professional activity.
Entities are obliged to take appropriate due diligence measures, create a risk profile for customers, and take enhanced vigilance measures to detect any suspicious transactions.
Entities must retain documents resulting from the due diligence and enhanced due diligence process, account data, transactions, correspondence with the client, as well as the results of analyses conducted for 5 years from the date of termination of the business relationship between the client and the entity.
The Suspicious Activity Report (SAR) is the form through which entities report to the responsible authority any suspicious transaction or activity. This form is completed by entities in cases where they know or suspect that laundering of proceeds of crime or financing of terrorism is being carried out, has been carried out or is being attempted, or the funds involved derive from criminal activity. Reporting is made through the SAR form immediately and no later than 72 hours.
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