Section 20: Reporting of suspicious financial transactions

20. Reporting of suspicious financial transactions. ― (a) Notwithstanding anything contained in any law for the time being in force, it shall be the duty of all banks and financial institutions to take prompt and immediate notice of all unusual or large transactions 1[in an] account, which have no apparently genuine economic or law full purpose and upon bonafide professional judgment of the Bank 2[or financial institution] that such transactions could constitute or be related to 3[an offence under this Ordinance], the manager or director of such 4[Bank or] financial institution shall report all such transactions to the Chairman NAB forthwith by the quickest possible mode of communication to be confirmed in writing. (b) Whoever fails to supply the information in accordance with sub-section (a) shall be punishable with rigorous imprisonment which may extend to 5 years, 5[and] with fine 6[***]. 11[Explanation. —For the purposes of this section, a transaction in cash over two million Rupees shall be considered as an unusual or large transaction.] 7[(c) * * * * * * *]

Effective date: 1999-01-01

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