Banks have to particularly guard against the Money Mules – the innocent recruits or persons with fake documents. Suspicious transactions Transactions falling outside the regular, normal and reasonable pattern of activity of the customer will be regarded as suspicious transactions.
Unusually large transactions and all unusual patterns which have no apparent economic or visible lawful purpose in regard to customer’s proclaimed business/income activity and transactions that involve large amounts of cash, inconsistent with the normal and expected activity of the customer will qualify to be suspicious transactions. Banks are required to be vigilant about these transactions.