Regulatory Alerts2020-04-30 | Circular No.1Guidelines on Reporting of STRs on Designated/Proscribed Individuals, Entities and Associates
Reporting entities must enhance internal investigations regarding individuals and entities proscribed under UNSCR 1267 and 1373 to generate high-quality Suspicious Transaction Reports. Submissions through goAML require comprehensive profiling, detailed transactional and linkage analysis, and clear, non-vague reasons for suspicion supported by referenced documentation. Entities must strictly adhere to these reporting standards under Section 7(1) of the Anti-Money Laundering Act, 2010 to facilitate effective counter-terrorism financing efforts.
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