When should the Money laundering Reporting Officer report a suspicious transaction to the FIC?

The Money Laundering Reporting Officer (MLRO) should report a suspicious transaction to the Financial Intelligence Centre (FIC) as soon as there are reasonable grounds to suspect that the transaction involves proceeds of crime or is related to money laundering or terrorist financing. This includes situations where the transaction appears unusual, inconsistent with the client’s known profile, or when the source of funds is unclear. Timely reporting is crucial, as delays can hinder investigations and increase the risk of facilitating illicit activities. The MLRO must ensure that the report is made without tipping off the client involved.