Regulatory Alerts2019-09-01 | 24021Added · Updated
Guidance Note on STR-SAR Reporting Standard – September 2019
Reporting Entities, including Financial Institutions and Listed Businesses, must submit Suspicious Transaction or Activity Reports to the Financial Intelligence Unit within fourteen days of forming a suspicion of money laundering or terrorism financing. The guidance mandates the use of the prescribed STR/SAR form, prohibits tipping off customers, and outlines specific submission protocols including hand delivery, registered post, electronic systems, and facsimile. It defines suspicious activities through red flags and establishes that no monetary threshold exists for reporting, while clarifying that legal professionals are exempt only for privileged communications not furthering criminal purposes.
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