(o) Suspicious transaction reporting

SR IV. Reporting suspicious transaction related to terrorism

In the report on suspicious transaction the grounds for the transaction to be considered suspicious should also be mentioned.

Ms. Chung transferred the 5 million proceeds in Goldfingers Bank to 15 bank accounts in country Zeitstaat (suspicious transaction reporting).

Required bank reporting procedures, if any, including the use of Suspicious Transaction Reports (STR), and how such reports are reviewed and evaluated.

Required bank reporting procedures, if any, including the use of Suspicious Transaction Reports (STR), and how such reports are revised and evaluated.

Article 30 Reporting suspicious transactions

(iii) Reporting of suspicious transactions?

A transaction (a contract) can be considered as suspicious, if

AMLO has received some suspicious transaction reports from financial institutions.

Forms for reporting suspicious financial transactions

Reporting of suspicious and or unusual transactions

Suspicious transaction reports received by the Central Bank's unit on money laundering and suspicious cases up to 31 March 2005

To date, the unit on money laundering and suspicious cases has not received any suspicious transaction reports from hawala brokers.

The Central Bank has received 9 suspicious transaction reports on money laundering activities.

In addition, the following authorities have sent suspicious transaction reports to the unit

Up to now, AMLO has received, on average, 2,600 suspicious transaction reports a month.

Information provided by States shows that 71 require money transmission services to acquire a license or to register, with 65 applying suspicious transaction reporting rules to registered licensed money transmitters.

The draft law establishes under what circumstances a financial transaction is subject to special oversight (in other words, is considered a suspicious financial transaction ).

It could be noted here that the criteria for suspicious transaction reporting vary from one State to another some set out a certain amount of money as the threshold for reporting, whereas others take a more generic approach, where banks are required to report transactions they think are suspicious , regardless of the amount.

Therefore, for example, investigators may request bank statements for a period prior to a suspicious transaction.

Banks and other financial institutions have been provided with the 1267 Committee List and are required to treat any transaction with a person entity on the list as suspicious and submit Suspicious Transaction Returns to the Financial Investigations Unit (FIU).

Reporting of exceptional, unusual or suspicious operations and reporting of operations suspected of involving the financing of terrorism

Suspicious transaction reports are important as a means of ensuring customer due diligence in identifying potential money laundering activities.

1.6.2 How many suspicious transaction reports have been received from these agencies by the anti money laundering unit thus far?

Financial institutions have the legal obligation to urgently report transactions suspected to involve terrorist activities to AMLO as a suspicious transaction within 7 days from the date of executing the transaction.

Article 30 of Supreme Decree No. 24771 sets out the obligation of financial entities to submit Suspicious Transaction Reports to the FIU.

All countries should strengthen their financial investigative abilities including the ability to initiate an investigation prior to receiving a suspicious transaction report.

Interventions to curb money laundering have relied heavily to date on financial institutions reporting suspicious transactions.

REQUIRED BANK REPORTING PROCEDURES suspected transactions have been reported by banks, on their volition, using the Suspicious Activity Reports (SAR) reporting procedure. These reports

Ms. Dee withdrew the funds ( 5 million) from the 15 individuals' accounts from numerous automatic teller machines in small denominations in Zeitstaat over a period of time (suspicious transaction reporting, including the use of information technology for the purpose of its analysis).

Required bank reporting procedures, if any, including the use of Suspicious Transaction Reports (STR), and how such reports are reviewed and evaluated Requirements, if any, placed on financial institutions other than banks to provide STR, and how such reports are reviewed and evaluated.

Normative legal acts of the Central Bank can establish other grounds, not mentioned in this part, for considering transactions as suspicious, based on which the persons submitting the reports are bound to regard the transaction as suspicious.

States that had adopted measures for the reporting of suspicious or unusual transactions, by region (those responding in both the second and the third reporting periods)

1.4 In addition, the CTC would appreciate knowing how many suspicious transaction reports (STRs) were received by the Central Bank's unit on money laundering and suspicious cases from the following entities outlined on page 5 of the first report

Indicators to report transactions relating to terrorist financing to the Unusual Transaction Reporting Centre (the FIU) have been adopted.

Financial intelligence units in the region had increased the level of reporting suspicious activities and implementing anti money laundering legislation.

A financial intelligence unit is a national centre for receiving (and, as permitted, requesting), analysing and disseminating suspicious transaction reports and other information regarding potential money laundering.

Suspicious.

The person performing the financial transaction suspects that its purpose is to legalize funds or finance terrorism, or if the transaction is suspicious by virtue of other characteristics figuring on a list established by the Council of Ministers of the Republic of Belarus

These task forces attempt to identify terrorists through analysis of a variety of data and do not rely solely on know your customer records and Suspicious Transaction Reports.

Transaction

Know your customer policy Customer transaction profile Information on cash transaction Information on foreign currency transaction

Consequent upon the enactment, a Financial Monitoring Unit (FMU) will be established so as to consolidate the existing suspicious transactions reporting regime.

Obligatory Know Your Customer and Suspicious Transaction Report requirements have been introduced for banks by 117 States, and extended to NBFIs by 105 and to other entities by 40.