Similarly, of the total 207 Suspicious Transaction Reports
(STRs) received from Federal Monitoring Unit (FMU), 49 STRs were converted into cases and 48 closed and 110 STRs under process.
The amended Anti-Money Laundering Act of 2001 and the 2016 Revised Implementing Rules require covered persons to submit suspicious transaction reports
(STRs) within five days from the occurrence.
Further, despite the increasing incidents associated with the terrorist and local threat groups, statistics show that not many suspicious transaction reports
(STRs) related to terrorism and terrorist financing were submitted to the AMLC Secretariat.
A total of 1,044 suspicious transaction reports
(STRs) were registered in 2015 compared with 872 in 2014.
It is particularly disappointing that another large retail bank failed to submit six time-critical suspicious transaction reports
to An Garda Siochana and the Revenue Commissioners promptly.
The breaches include failures to adequately assess irregularities in activities pertaining to customer accounts, and file suspicious transaction reports
The total number of suspicious transaction reports
(STRs) dropped 29 percent in 2015, in part because the Financial Information Unit (UIF), the Argentine financial intelligence unit (FIU), raised the reporting threshold for savings and loan organizations.
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.
He said that Sebi registered intermediaries were required to file suspicious transaction reports
to the Financial Intelligence Unit in case of such activities of their clients.
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.