OnePractice uses the term Red Flags to describe both prescribed transactions (PTs) and potentially suspicious activities (SAs), since the term is widely used in the AML/CFT legislation. There are strict timeframes around when items need to be reported after coming to a firm’s attention. PTs are fairly straightforward in terms of reporting requirements. SAs are less so and have a shorter timeframe to report than PTs. For this reason, OnePractice does not use the term SAs. It is only after a Red Flag has been confirmed as an SA that the reporting requirement kicks in.
Receipts and payments can be flagged as “Red Flag” transactions when posted in OnePractice for future AML Compliance reporting purposes, see below.