- A RBI report noted six-fold jump in suspicious transactions in 2016-17
- The Financial Intelligence Unit tracks suspicious transactions
- Sudden spurt in activity, False IDs etc. are flagged by the unit
Financial Intelligence Unit was set up in 2004 and is the agency responsible for receiving, processing, analysing and disseminating information relating to suspect financial transactions.
Financial Intelligence Unit on its website has mentioned the transactions that can be considered suspicious by banks and other entities. Here are some of them:
1) False identification documents, identification documents which could not be verified within reasonable time and accounts opened with names very close to other established business entities
2) Large number of accounts having a common account holder, unexplained transfers between multiple accounts with no rationale
3) Accounts opened with names very close to other established business entities
4) Use of different accounts by client alternatively
5) Unusual activity compared with past transactions
7) Value of transaction just under the reporting threshold amount in an apparent attempt to avoid reporting, large sums being transferred from overseas for making payments, inconsistent with the clients apparent financial standing, inconsistency in the payment pattern by client
8) Source of funds are doubtful, nature of transactions inconsistent with what would be expected from declared business, activity inconsistent with what would be expected from declared business, value inconsistent with the client's apparent financial standing
9) Frequent purchases of drafts or other instruments with cash
10) Appears to be case of insider trading, transactions reflect likely market manipulations, suspicious off market transactions
Get the latest election news, live updates and election schedule for Lok Sabha Elections 2019 on ndtv.com/elections. Like us on Facebook or follow us on Twitter and Instagram for updates from each of the 543 parliamentary seats for the 2019 Indian general elections.