Suspicious Transaction Report

(redirected from Suspicious Transaction Reports)

Suspicious Transaction Report

A report a drug store or other company may file with the authorities if one believes a person is purchasing goods to produce methamphetamine. In general, a suspicious activity report is filed if a person is buying legal goods (such as cough medicine, which contains ingredients used to make methamphetamine) in such large quantities that the seller reasonably believes that there may be an ulterior motive in the purchase.
Mentioned in ?
References in periodicals archive ?
BVI uses suspicious activity reports (SARs) rather than suspicious transaction reports (STRs).
When compared with the same period last year, authorities at the Financial Intelligence Directorate (FID) received 50 per cent more suspicious transaction reports (STRs) -- which are submitted by banks, money exchanges, insurance companies and the Industry and Commerce Ministry.
When compared with the same period last year, authorities at the Financial Intelligence Directorate (FID) received 50 per cent more suspicious transaction reports (STRs) which are submitted by banks, money exchanges, insurance companies and the Industry and Commerce Ministry, reported the Gulf Daily News, our sister publication.
The Financial Intelligence Unit, tasked with collecting, analysing and disseminating information related to dubious financial transactions, last year detected, at least, 881 large suspicious transaction reports of over Rs10 lakh each allegedly carrying black money being circulated through PPP.
FIU-IND is responsible for receiving and analysing such Suspicious Transaction Reports (STRs) and disseminating information to relevant intelligence and law enforcement agencies.
Suspicious transaction reports (STRs) In conclusion, while identifying no regulatory weaknesses, both reports suggest that there are substantial shortcomings in the implementation, by banks, of AML preventive measures.
According to the Financial Intelligence Centre, 148 suspicious transaction reports were received in 2011 compared to 88 in 2010 representing a 68% increase in reported suspicious activities.
The Financial Services Authority (FSA) received around 20 suspicious transaction reports (STRs) a month in 2005, but this had ballooned to just over 50 a month by last year, according to figures obtained by the Daily Telegraph newspaper under the Freedom of Information Act.
He added: "Banks have to make Suspicious Transaction Reports in relation to any transactions of any bank accounts that they have found up to and over EUR12,000 which may be suspicious.
They are very adept at serving the financial institutions", he said noting SWIFT's effective work in developing standards on formatting data and messages so that suspicious transaction reports could be exchanged effectively between banks.
It requires financial institutions to file suspicious transaction reports on all names listed under U.
However, ECU head Andy Blezzard wants greater input from the betting industry and said yesterday: "The ECU will continue to work with other sectors showing low reporting rates such as betting and gaming organisations, money transmission agents and bureaux de change, to improve the quality and quantity of suspicious transaction reports received.