Guidance for Financial Institutions on Suspicious Transaction Reporting
Guidance for Financial Institutions on Suspicious Transaction Reporting
Article 44.11 of the Cabinet Decision No. (10) of 2019 Concerning the Implementing Regulation of Decree Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations charges Supervisory Authorities with “providing Financial Institutions…with guidelines and feedback to enhance the effectiveness of implementation of the Crime-combatting measures.”
FAQs - Financial Institutions on Suspicious Transaction Reporting
When an entity identifies a suspicious transaction of financial crime, the Compliance Officer or the MLRO (Money Laundering Reporting Officer) must file the STR to the Financial Intelligence Unit (FIU) Immediately.
Suspicious transactions are the ones that constitute the proceeds of financial crime, are intended to be used in financial fraud activities, or are related to the crimes of money laundering, terrorism financing, corruption, bribery, drug trafficking, and any other illicit activities.
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