(1) Where an employee of an accountable institution receives information in the course of business as a result of which the employee knows, suspects or has reasonable grounds to believe that a person is engaged in money laundering, the employee shall disclose the information to the anti-money laundering reporting officer.

(2) The anti-money laundering reporting officer shall consider the report in the light of relevant information available to the accountable institution and determine whether the contents of the report give reasonable grounds for knowledge or suspicion of money laundering.

(3) Where the anti-money laundering reporting officer determines that the report gives rise to reasonable suspicion of money laundering, the anti-money laundering reporting officer shall inform the superior of the anti-money laundering reporting officer.

(4) The accountable institution shall make a report to the Centre within twenty-four hours after the knowledge or suspicion in the form specified in the First Schedule.

(5) The format for an unusual transaction report is as specified in the Second Schedule.