Regulatory Alerts2020-05-05 | Circular No.2Guidelines for the Reporting Entities on filing of Suspicious Transaction Reports
The Financial Monitoring Unit (FMU) has issued comprehensive guidelines to streamline the submission of Suspicious Transaction Reports (STRs) via the goAML automated system. All reporting entities are mandated to comply with these detailed instructions to improve the quality of their electronic reporting. This directive reinforces existing statutory requirements under the Anti-Money Laundering Act, 2010, for managing STRs and Currency Transaction Reports (CTRs).
FINANCIAL MONITORING UNIT (FMU) GOVERNMENT OF PAKISTAN 2ND FLOOR, SBP MAIN BUILDING, I.I. CHUNDRIGAR ROAD, KARACHI 4400
FMU-Circular No. 02 of 2020 May 05, 2020
The Presidents/ Chief Executives, All Reporting Entities
Dear Sirs/Madams,
Guidelines on filing of Suspicious Transaction Reports for the Reporting Entities
In terms of Section 7 of Anti-Money Laundering Act, 2010, Financial Monitoring Unit (FMU) prescribes the manners for filing of Suspicious Transaction Reports (STRs) and Currency Transaction Reports (CTRs) for the reporting entities.
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In this context, FMU has successfully implemented automated reporting system i.e. goAML w.e.f. January 01, 2019 and all the reporting entities have been reporting STRs and CTRs electronically through the goAML application.
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In order to streamline the process of reporting and to improve the quality of STR reporting on goAML, detailed guidelines are being issued to the reporting entities, which are attached as “Guidelines for the Reporting Entities on filing of Suspicious Transaction Reports”.
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The compliance of these guidelines must be ensured by all the reporting entities.
Encl: Guidelines for the Reporting Entities on filing of Suspicious Transaction Reports
Yours truly, Sd/- (Sumera Baloch) Additional Director
Copy to: The Governor, State Bank of Pakistan (SBP) The Chairman, Securities and Exchange Commission of Pakistan (SECP)