12. Special monitoring of certain transactions

Financial institutions or designated non-financial business and professions shall fa) pay special attention to all complex, unusual large transactions and all unusual patterns of transactions which have no apparent economic or visible lawful purpose;

{b) pay special attention to business relations and transactions with persons, including legal persons and arrangements, from or in countries that do not or insufficiently apply the relevant international standards to combat money laundering and the financing of terrorism;

examine as far as possible the background and purpose of the transactions under paragraphs (a} and (b) and set forth in writing their findings.

take such specific measures as may be prescribed from time to time by the Minister or Authority, as the case may be, by regulations to counter the risks with respect to business relations and transactions specified under paragraph {b).