Suspicious Transaction Report


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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.
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Chapter Fifteen: The Quality of Suspicious Transaction Reports.
The Act mandates the centre to receive and analyse suspicious transaction reports from accountable institutions and supervisory bodies designated in the Act.
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.
In most situations, the accountant is simply on the reporting end of things, and they definitely keep records--large cash transactions, copies of official corporate records, copies of suspicious transaction reports," he notes.
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.
Treasury to require financial institutions to file suspicious transaction reports.
The Financial Intelligence Directorate (FID) has received 50 per cent more suspicious transaction reports (STRs) -- which are submitted by banks, money exchanges, insurance companies and the Industry and Commerce Ministry -- compared with last year.
These banks failed to obtain adequate documents for opening accounts, to carry out sufficient customer identification procedures, to ascertain the identification of natural persons behind entities and delay in filing the suspicious transaction reports, added RBI.
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.
With effect from the commencement date of this Act, entities such as Financial institutions, non-banking financial institutions and designated non-financial businesses and professions, will be legally obliged to report Suspicious Transaction Reports (STR's) to the Financial Intelligence Centre of the Bank of Namibia," the central bank said.