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Samples in periodicals archive:
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.
In case of suspicion, consideration should be given to file a Suspicious Transaction Report (STR) with FMU, the Guideline said.
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.
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.
If government agrees to implement these new FATF rules, an attorney who suspects that a client's funds came from an illegal source or that the money could be used to finance terrorism, will be obligated to make a suspicious transaction report to the local Financial Intelligence Unit (FIU).
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.
When a postal sales and services associate files a Suspicious Transaction Report (STR) on a money order transaction, it goes to the USPS BSA Compliance Support Group.