Article 71 Refraining from carrying out transactions

This article directly supports the suspicious transaction reporting obligation established in Article 69, setting out what obliged entities must actually do with a transaction once they have identified a suspicion.

The core rule is a hold-and-report mechanism: obliged entities must pause a suspicious transaction, file their report with the FIU, and then wait for instructions before proceeding.

The article also provides a practical carve-out for situations where halting a transaction is simply not possible or would undermine the pursuit of those behind it.

Important points:

• Refrain from carrying out any transaction you know or suspect to be linked to criminal activity or terrorist financing until a suspicious transaction report has been submitted to the FIU and any instructions from the FIU or competent authority have been followed.
• You may proceed with the transaction after assessing the risks if no contrary instructions have been received from the FIU within 3 working days of submitting the report.
• Where it is not possible to refrain, or where refraining would likely frustrate efforts to pursue the beneficiaries of a suspected transaction, inform the FIU immediately after carrying out the transaction.