A suspect transaction is a transaction that raises suspicion or is suspected of criminal involvement.
A suspect transaction will be listed on Visa and MasterCard’s warning bulletin, an electronic list of cards that are no longer in use or have been stolen or reported. When a suspected transaction is taking place it will flag up on the system or on the point-of-sale card terminal. This can be used to report money laundering or fraud.
A company may keep the financial statements of a customer, previous and recent, if a suspect transaction takes place. As well as details of the nature of the customer’s business or employment, expected source of funds or the purpose and nature between signatories.
There are many different ways and guidelines when submitting a suspect transaction report and this depends on the country in which a company is based.
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