Reporting of suspicious transactions

(1) All IFS Practitioners shall promptly report any suspicious transactions relating to any account to the Supervisory Authority. (2) All IFS Practitioners shall pay special attention to all complex, unusual or large business transactions, or unusual patterns of transactions whether completed or not, and to insignificant but periodic transactions, which have no apparent economic or lawful purpose. (3) Upon reasonable suspicion that the transactions described in paragraph (2) above could constitute or be related to money laundering, or other criminal activities, an IFS Practitioner shall promptly report the suspicious transactions to the Supervisory Authority on the form set out in the First Schedule to these Regulations. First Schedule. (4) IFS Practitioners shall not notify any person, other than a court, competent authority or other person authorised by law, that information has been requested by or furnished to a court or the Supervisory Authority. (5) Where a report referred to in paragraph (3) above is made in good faith, IFS Practitioners and their employees, staff, directors, owners or other representatives as authorised by law, shall be exempted from criminal, civil or administrative liability, as the case may be, for complying with this regulation or for breach of any restriction on disclosure of information imposed by contract or by any legislative, regulatory or administrative provision, regardless of the result of the communication.