The problem of laundering of the proceeds of criminal activity is worldwide. Financial institutions are particularly at risk of being used, even unwittingly, to launder money. Consequently, in many jurisdictions, financial institutions are under a statutory obligation, via FATF guidance, to establish and maintain procedures designed to prevent money laundering and report suspicious transactions to the competent authorities.
The Unusual is NOT the same as the Suspicious
Unusual transactions do not of themselves constitute grounds for suspicion and therefore should not be the routine basis for making reports to the Competent Authorities.
However, unusual transactions will often be the one that is inconsistent with the customer's known legitimate business or personal activities or with the normal business for that type of customer.
GSA provides organizations clear procedures for account and transaction monitoring and for the reporting of suspicious activities.