gulfnews : Banks detect an increase in the number of suspicious transactions

The number of suspicious transactions detected by the UAE increased to 2,711 in the past year from 1,750 in 2009, data provided by the UAE Central Bank showed yesterday.

The numbers are based on suspicious transactions reported by banks, financial and non-financial institutions. In 2008, the number of suspicious transactions that were detected by the UAE stood at 1,170.

"The number of suspicious transactions continues to rise. But it's not worrisome. There's going to be a lot more money on the move — good money as well as bad money," Bryan Stirewalt, Managing Director of Supervision at the Dubai Financial Services Authority, told reporters on the sidelines of a workshop at the Central Bank.