Financial companies informed the Central Bank of 55 per cent more suspicious money transfers last year compared with 2009, the head of the regulator's anti-money laundering unit says.
The Central Bank received 2,711 tip-offs from insurers, banks, investment companies and other financial services companies last year, said Abdulrahim Mohamed al Awadi, an executive director of the Central Bank and the head of the anti-money laundering and suspicious cases unit. That compared with 1,750 reports in 2009.
The rise "shows the effectiveness" of efforts to educate financial companies about their responsibilities to report suspicious financial activity, Mr al Awadi said.
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