Regulatory Alerts2015-04-13
Regulation (NAP) - Reporting of Suspicious Transactions
The Central Bank of São Tomé and Príncipe issued this Permanent Application Regulation to mandate supervised financial institutions to report suspicious transactions to the Financial Information Unit (FIU). The standard establishes strict client identification procedures, risk-based monitoring thresholds of Dbs. 245 million, and standardized reporting formats to ensure timely detection of money laundering and terrorist financing. It further mandates robust internal controls, documented management abstentions, and supervisory sanctions for non-compliance while formally revoking the 2011 reporting standard.
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