Regulatory Alerts2020-11-23
Directive on CTR and STR Requirements
Issued by the Bank Use Promotion and Suppression of Money Laundering Unit, this directive mandates financial institutions and designated non-financial businesses and professions to submit Cash Transaction Reports for transactions of US$5,000 or more within a 24-hour period. Banks must file these reports weekly while other institutions submit them monthly, with exemptions for certain low-risk government and listed entities. The directive also requires all covered entities to file Suspicious Transaction Reports within 72 hours of suspicion arising, utilizing a risk-based approach and robust Know Your Customer monitoring.
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