A suspicious transaction is any transaction, made with cash or other means, to a person acting in good faith that:
– Provides reasonable suspicion that it may involve the proceeds or crime; or
– Appears to be made in circumstances of unusual or unjustified complexity; or
– Appears to have no economic rationale or legitimate purpose.
To prevent the laundering of money or financing of terrorism, financial services providers are required to provide a report with specific details of any suspicious transactions, whether or not they were made in cash.
« Back to Glossary Index