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(03) 9497 5885 (a) a department or an agent of Her Majesty in right of Canada or an agent or mandatary of Her Majesty in right of a province; (b) an incorporated city or town, village, metropolitan authority, township, district, county, rural municipality or other incorporated municipal body in Canada or an agent or mandatary in Canada of any of them; and, (c) an organization that operates a public hospital and that is designated by the Minister of National Revenue as a hospital authority under the. This request is usually sent by email. (c) one or more new multi-unit residential buildings each of which contains five or more residential units, or two or more new multi-unit residential buildings that together contain five or more residential units. 16 MAR and the associated arrangements, systems and procedures requirements in the MAR RTS on STORs and Art. Please consult. PS Form 8105-A, Funds Transaction Report, and PS 8105-B, Suspicious Transaction Report, Revisions To combat money laundering in the United States, Congress enacted a series of laws collectively known as the Bank Secrecy Act (BSA).The U.S. Postal Service ® is required to stay in compliance with applicable anti-money laundering laws like the BSA and the USA Patriot Act. issuing or redeeming money orders, traveller's cheques or anything similar; or. If you identify a transaction whereby you reach reasonable grounds to believe that an ML/TF offence has occurred, you must begin an assessment of the related transactions immediately as you have surpassed the RGS threshold. In order to submit an STR to FINTRAC, you will need to ensure that you have completed the measures that enable you to reach your grounds to suspect the commission of ML/TF. PCMLTFA, S.C. 2000, c 17, s. 5(h.1), PCMLTFRR, SOR/2007-121, s. 1 (as will be amended when SOR/2019-240 comes into force) and PCMLTFR, SOR/2002-184, s. 1(2) (as will be amended when SOR/2019-240 comes into force). 2004. Suspicious matter reports (SMRs) If you suspect that a person or transaction is linked to a crime, you must submit a suspicious matter report (SMR) to AUSTRAC. Penalties. It is not mandatory to apply all the examples when conducting your review. It excludes Saturday, Sunday, and a public holiday. illustrative client details (for example, the background, behaviour and actions of your client). The ultimate beneficial owner(s) cannot be another corporation or entity; it must be the actual individual(s) who owns or controls the entity. Regulations Section. a general awareness of the events occurring in an individual or entity's business environment or community; your knowledge of the typical financial activities found within your business; the information obtained through the application of your. It offers 'behind-the-scenes' insights and practical advice on how to implement the latest financial crime research and policy developments in the real world – from anti-money laundering and illicit flows to sanctions evasion and cryptocurrency abuse. (faits), For the purposes of subsection 9.3(1) of the Act, a prescribed family member of a politically exposed foreign person, a politically exposed domestic person or a head of an international organization is:Footnote 22, A currency that is issued by a country and is designated as legal tender in that country.Footnote 23 (monnaie fiduciaire), In respect of an electronic funds transfer, means the receipt of the instructions by the person or entity that is to make the remittance to a beneficiary.Footnote 24 (destinataire), The Financial Action Task Force on Money Laundering established in 1989.Footnote 26 (Groupe d'action financière), A financial services cooperative that is regulated by an Act respecting financial services cooperatives, CQLR, c. C-67.3, other than a caisse populaire.Footnote 27 (coopérative de services financiers), A fiat currency that is issued by a country other than Canada.Footnote 28 (devise), An exchange, at the request of another person or entity, of one fiat currency for another. Online Suspicious Transactions Reports System PDF. It is not an MSB branch. The completion and submission of the STR should take priority over other tasks. (agent général de gestion), A person who acts, under a mandate or agreement, for another person or entity. Introduction. How often you perform this assessment should be documented as part of your policies and procedures. Footnote 29 (opération de change en devise), A record respecting a foreign currency exchange transaction—including an entry in a transaction register—that sets out: Footnote 30, Persons and entities that do not have a place of business in Canada, that are engaged in the business of providing at least one of the following services that is directed at persons or entities in Canada, and that provide those services to their clients in Canada: Footnote 31, Except for the purposes of Part 2 of the Act, means a country other than Canada and includes any political subdivision or territory of a foreign state.Footnote 32 (État étranger), For greater certainty, it does not include virtual currency.Footnote 33 (fonds), A person who, at a given time, holds—or has held within a prescribed period before that time—the office or position of head of an international organization that is established by the governments of states or the head of an institution of any such organization.Footnote 34 (dirigeant d'une organisation internationale), A record that sets out the name and address of a person or entity and:Footnote 35, In respect of an electronic funds transfer, means the first transmission of the instructions for the transfer of funds.Footnote 36 (amorcer), For the purpose of section 15 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations (PCMLTFR), means a trust that is established by a corporation or other entity for a particular business purpose and includes a pension plan trust, a pension master trust, a supplemental pension plan trust, a mutual fund trust, a pooled fund trust, a registered retirement savings plan trust, a registered retirement income fund trust, a registered education savings plan trust, a group registered retirement savings plan trust, a deferred profit sharing plan trust, an employee profit sharing plan trust, a retirement compensation arrangement trust, an employee savings plan trust, a health and welfare trust, an unemployment benefit plan trust, a foreign insurance company trust, a foreign reinsurance trust, a reinsurance trust, a real estate investment trust, an environmental trust and a trust established in respect of endowment, a foundation or a registered charity.Footnote 37 (fiducie institutionnelle), An electronic funds transfer other than for the transfer of funds within Canada.Footnote 38 (télévirement international), A personal trust, other than a trust created by will. Reaching RGS means that you consider the facts, context and ML/TF indicators related to a financial transaction and, after having reviewed this information, you conclude that there are RGS that this particular financial transaction is related to ML/TF. The settlor ensures that legal responsibility for the trust is given to a trustee and that the trustee is provided with a trust instrument document that explains how the trust is to be used for the beneficiaries. Penalties apply for failure to comply with the suspicious transaction/activity reporting obligations. Because of the importance of FINTRAC's financial intelligence to the overall safety and security of Canadians and Canada's financial system, FINTRAC reviews and assesses every STR it receives. Where such a person has a reasonable suspicion that an order or transaction in (a) enables a person or entity to access a credit or debit account or one that is issued for use only with particular merchants; or. (g) every reference number that is connected to the transaction and has a function equivalent to that of an account number. retrieving information already available, including information held in non-digital formats, or. What measures do you need to take to enable your submission of STRs to FINTRAC? (évaluation des risques), A person or entity that is referred to in paragraph 5(g) of the Act.Footnote 63 (courtier en valeurs mobilières), In respect of an entity, means: Footnote 64. A suspicious activity report (SAR) is not an accusation, it’s a way to alert government regulators and law enforcement to irregular activity and possible crimes. Therefore, FINTRAC expects that when you have completed your measures and determined that you have reached reasonable grounds to suspect that a transaction is related to the commission of an ML/TF offence, you will prioritize the submission of that STR. Please visit JFIU's website at www.jfiu.gov.hk for full details of the reporting methods and advice. For example, if certain ML/TF indicators have supported your suspicions of ML/TF, you assess whether these indicators apply to other situations to ensure that you are not missing suspicious transactions that should be or should have been reported to FINTRAC. (demande de précisions), A person or entity that engages in a financial transaction with another person or entity.Footnote 12 (client), The identifying information that you have obtained on your clients, such as name, address, telephone number, occupation or nature of principal business, and date of birth for an individual. If you send on average less than one PCMLTFA, S.C. 2000, c 17, s. 5(h), PCMLTFRR, SOR/2007-121, s. 1 and PCMLTFR, SOR/2002-184, s. 1(2). (renseignements d'identification du client), For the purpose of the criminal record check submitted with an application for registration, a competent authority is any person or organization that has the legally delegated or invested authority, capacity, or power to issue criminal record checks. Understanding the differences between the thresholds can help clarify what RGS means for your organization and how it can be operationalized within your compliance program. An offence under section 83.02, 83.03 or 83.04 of the Criminal Code or an offence under section 83.12 of the Criminal Code arising out of a contravention of section 83.08 of that Act. Every banking company, financial institution, and intermediary shall furnish to FIU information of all suspicious transactions whether or not made in cash. A suspicious transaction will often be one which is inconsistent with a customer’s known, legitimate business or personal activities or with the normal business for that type of facility. PCMLTFR, SOR/2002-184, s. 2(1) (as will be amended when SOR/2019-240 comes into force). If an STR was submitted to FINTRAC in respect of a transaction conducted by an individual or entity, you should continue to submit reports on the client's transactions as long as they remain suspicious. (pays de résidence). The reporting institutions must complete the suspicious transaction report (STR) Form and submit to the Financial Intelligence and Enforcement Department of Bank Negara Malaysia through the following channels: Essentially, money laundering is the process whereby "dirty money"—produced through criminal activity—is transformed into "clean money," the criminal origin of which is difficult to trace. The business's marketing or advertising is directed at persons or entities located in Canada; The business operates a ".ca" domain name; or. (à jour), A person or entity that, in the course of their business activities, buys or sells precious metals, precious stones or jewellery. That being said, a periodic re-assessment of your grounds for suspicion should be done. (répartition), The transmission—by any electronic, magnetic or optical means—of instructions for the transfer of funds, including a transmission of instructions that is initiated and finally received by the same person or entity. (j) holder of any prescribed office or position. (sans raison apparente), The job or profession of an individual. (b) a private key of a cryptographic system that enables a person or entity to have access to a fiat currency other than cash. (diriger des services), For the purpose of section 151 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations (PCMLTFR), a digital ledger that is maintained by multiple persons or entities and that can only be modified by a consensus of those persons or entities. The individual must have a dwelling in the country concerned. For example, the source of funds could originate from activities or occurrences such as employment income, gifts, the sale of a large asset, criminal activity, etc. The podcast is formed of two sections. The Suspicious Transaction Report is a fortnightly podcast hosted by the Centre for Financial Crime and Security Studies at RUSI. STRs can be complex yet you must treat them as a priority and ensure they are timely; you must also complete the measures that enabled you to conclude that you have RGS the commission of an ML/TF offence before you submit the report to FINTRAC. (a) funds or virtual currency that total $1,000 or more to be added to the account within a 24-hour period; or. Reasonable grounds to suspect (RGS) is the required threshold to submit an STR to FINTRAC and is a step above simple suspicion, meaning that there is a possibility that an ML/TF offence has occurred. You may observe or understand the context of a transaction through: A transaction may not appear suspicious in and of itself. To assist the relevant individuals and entities, this Guidance contains general information which is intended to … (infraction de recyclage des produits de la criminalité), Potential red flags that could initiate suspicion or indicate that something may be unusual in the absence of a reasonable explanation. Thus, a lawyer who provides relevant services has a legal responsibility to report suspicious transactions pertaining to money laundering to the FIU. The explanation of your assessment should be included in the narrative portion, Part G, of the STR. (a) Governor General, lieutenant governor or head of government; (b) member of the Senate or House of Commons or member of a legislature; (d) ambassador, or attaché or counsellor of an ambassador; (e) military officer with a rank of general or above; (f) president of a corporation that is wholly owned directly by Her Majesty in right of Canada or a province; (h) judge of an appellate court in a province, the Federal Court of Appeal or the Supreme Court of Canada; (i) leader or president of a political party represented in a legislature; (j) holder of any prescribed office or position; or. FINTRAC operates within the legislative authority of the PCMLTFA and associated Regulations. by fax to : (852) 2529 4013. by mail, addressed to Joint Financial Intelligence Unit, GPO Box 6555 Hong Kong. All fields of the report marked with an asterisk (*) must be completed. (d) the mother or father of their spouse or common-law partner; or. (a) does not have a place of business that: (i) is located at a fixed address—where it employs one or more persons on a full-time basis and maintains operating records related to its banking activities—in a country in which it is authorized to conduct banking activities; and, (ii) is subject to inspection by the regulatory authority that licensed it to conduct banking activities; and, (b) is not controlled by, or under common control with, a depository institution, credit union or foreign financial institution that maintains a place of business referred to in paragraph (a) in Canada or in a foreign country, (a) a digital representation of value that can be used for payment or investment purposes that is not a fiat currency and that can be readily exchanged for funds or for another virtual currency that can be readily exchanged for funds; or. While some delay is permitted, it must have a reasonable explanation. What is a suspicious transaction report? (représentant du service), The review and documentation of potential money laundering/terrorist financing risks in order to help a business establish policies, procedures and controls to detect and mitigate these risks and their impact. MGAs typically offer services to assist with insurance agents contracting and commission payments, facilitate the flow of information between insurer and agent, and provide training to, and compliance oversight of, insurance agents. The Proceeds of Crime Ordinance Chapter 3.15 hereafter "POCO" and the Prevention of Terrorism Ordinance Chapter 3.21 hereafter "POTO" makes provision for the reporting of suspicious activity or suspicious transactions to the Financial Intelligence Agency hereafter the "FIA." Context, for the purpose of completing an STR, is defined as information that clarifies the circumstances or explains a situation or transaction. RGS means that you can articulate your suspicion in such a way that another individual with similar knowledge, experience and training would, based on the same information, likely reach the same conclusion. On its own, an indicator may not initially appear suspicious. (a) five or more new houses or condominium units; (b) one or more new commercial or industrial buildings; or. Your email address will not be published. Simple suspicion is a lower threshold than RGS and is synonymous with a "gut feeling" or "hunch". (b) member of the executive council of government or member of a legislature; (f) president of a state-owned company or a state-owned bank; (h) judge of a supreme court, constitutional court or other court of last resort; (i) leader or president of a political party represented in a legislature; or. The Prevention of Money laundering Act and the Rules there under require every reporting entity to furnish details of suspicious transactions whether or not made in cash. What is a suspicious transaction report (STR)? 922 COVERED AND SUSPICIOUS TRANSACTION REPORTING Covered persons shall report to the AMLC all covered and STs within five (5) working days, unless the AMLC prescribes a different period not exceeding fifteen (15) working days, from the occurrence thereof. PCMLTFA, S.C. 2000, c 17, s. 9.4(3) and PCMLTFR, SOR/2002-184, s. 16(1)(b) (as will be amended when SOR/2019-240 comes into force). As soon as practicable should be interpreted to mean that you have completed the measures that have allowed you to determine that you reached the RGS threshold and as such the development and submission of that STR must be treated as a priority report. (b) if the amount is received for deposit into an account, the name of each account holder; (d) the type and amount of each virtual currency involved in the receipt; (f) the number of every other account that is affected by the transaction, the type of account and the name of each account holder; (g) every reference number that is connected to the transaction and has a function equivalent to that of an account number; (h) every transaction identifier, including the sending and receiving addresses; and. Conversely, the context of a particular transaction, which may have seemed unusual or suspicious from the onset, could lead you to reassess your client's current and past transactions and conclude that they are reasonable in that circumstance. (bénéficiaire), A branch is a part of your business at a distinct location other than your main office. Transactions constantly being made by a third party on behalf of another individual: a client conducts a transaction while accompanied, overseen or directed by another party (fact), payments to or from unrelated parties (foreign or domestic) (fact), client appears to be or states that they are acting on behalf of another party (context). On 7 September 2020, Revenue introduced changes to how Suspicious Transaction Reports (STRs) are submitted. According to the Financial Action Task Force‘s (FATF) Recommendation 20, a suspicious transaction report (STR) or a suspicious activity report (SAR) is filed by a financial institution or, by a concerned citizen, to the local Financial Intelligence Unit if they have reasonable grounds to believe that a transaction is related to criminal activity. (marketing ou publicité), In relation to sections 24.1 to 39, the Minister of Public Safety and Emergency Preparedness and, in relation to any other provision of this Act, the Minister of Finance.Footnote 46 (ministre), An offence under subsection 462.31(1) of the Criminal Code.Footnote 47 The United Nations defines money laundering as "any act or attempted act to disguise the source of money or assets derived from criminal activity." Suspicious transaction reports can be made in one of the following ways: by e-reporting system, STREAMS. (f) that is initiated or finally received by a person or entity referred to in paragraphs 5(a) to (h.1) of the Act for the purpose of internal treasury management, including the management of their financial assets and liabilities, if one of the parties to the transaction is a subsidiary of the other or if they are subsidiaries of the same corporation. Suspicious Transaction Report (STR) Let’s learn about why it is important to earn knowledge about the Suspicious Transaction Report. During an assessment, FINTRAC expects that you will be able to: In assessing what constitutes a practicable timeframe to complete the measures that precede submitting an STR, FINTRAC may review: For more information on how FINTRAC assesses STRs, see FINTRAC's assessment manual. Footnote 70 (infraction de financement des activités terroristes), Any individual or entity that instructs another individual or entity to act on their behalf for a financial activity or transaction. Reporting of suspicious Transactions There is a statutory obligation on all staff to report suspicions of money laundering. A high level of suspicious transaction reporting is an internationally accepted indicator of the existence of a strong Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) regime. The criteria to decide when a report must be made varies from country to country, but generally is any financial transactionthat does not make sense to the financial institution; is unusual for that particular client; or appears to be done only for the purpose of hiding or obfuscating another, separate transaction. (iii) advance payments to which the policy holder is entitles that are made to them by the insurer; (d) a credit union central when it offers financial services to a person, or to an entity that is not a member of that credit union central; and. The ones that are also marked Applying this logic can help you direct your attention to those transactions that may fit some of the ML/TF indicators identified by FINTRAC. STRs have fewer mandatory fields than other FINTRAC reports. (opération tentée), In respect of a government-issued photo identification document that is used to verify identity, is genuine and has the character of an original, credible, and reliable document issued by the competent authority (such as federal, provincial, or territorial governments). This is intended to encourage reporting even in situations where you may not have information because the client did not provide any or when asking for details might "tip off" the client to your suspicions. screening for and identifying suspicious transactions; explaining your grounds for suspicion in an STR, where you articulate how the facts, context and ML/TF indicators allowed you to reach your grounds for suspicion. For example, based on your assessment of facts, context and ML/TF indicators you have reasonable grounds to suspect that a transaction is related to the commission or attempted commission of an ML/TF offence. (iii) the wholesale value of the precious metals, precious stones or jewellery. For example, a person's wealth could originate from an accumulation of activities and occurrences such as business undertakings, family estates, previous and current employment income, investments, real estate, inheritance, lottery winnings, etc. Proceeds of Crime (Money Laundering) and Terrorist Financing Administrative Monetary Penalties Regulations (PCMLTFAMPR), SOR/2007-292, s. 1, Proceeds of Crime (Money Laundering) and Terrorist Financing Registration Regulations (PCMLTFRR), SOR/2007-121, s. 1, PCMLTFR, SOR/2002-184, s. 1(2), and Proceeds of Crime (Money Laundering) and Terrorist Financing Suspicious Transaction Reporting Regulations (PCMLTFSTRR), SOR/2001-317, s. 1(2). It excludes a product that: Footnote 54, An account – other than an account to which only a public body or, if doing so for the purposes of humanitarian aid, a registered charity as defined in subsection 248(1) of the Income Tax Act, can add funds or virtual currency – that is connected to a prepaid payment product and that permits:Footnote 55, Prescribed by regulations made by the Governor in Council.Footnote 56 (Version anglaise seulement), The likelihood in regards to completing a suspicious transaction report (STR) that a financial transaction is related to a money laundering/terrorist financing (ML/TF) offence. (b) if the amount is received from a person, their name, address and date of birth and the nature of their principal business or their occupation; (c) if the amount is received from or on behalf of an entity, the entity's name and address and the nature of their principal business; (d) the amount of the funds received and of any part of the funds that is received in cash; (e) the method by which the amount is received; (f) the type and amount of each fiat currency involved in the receipt; (g) if applicable, the exchange rates used and their source; (h) the number of every account that is affected by the transaction in which the receipt occurs, the type of account and the name of each account holder; (i) the name and address of every other person or entity that is involved in the transaction, the nature of their principal business or their occupation and, in the case of a person, their date of birth; (j) every reference number that is connected to the transaction and has a function equivalent to that of an account number; and. 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