The Prevention of Money laundering Act, 2002 and the Rules made there under require ever banking company to furnish details of suspicious transactions whether or not made in cash.

Suspicious transaction means a transaction whether or not made in cash which, to a person acting in good faith:


1) Gives rise to a reasonable ground of suspicion that it may involve the proceeds or crime, or


2) Appears to be made in circumstances of unusual or unjustified complexity, or


3) Appears to have no economic rationale or bonafide purpose.

Leave a Reply

Your email address will not be published. Required fields are marked *