Reporting a Suspicious Transaction or Activity
As soon as someone in your organisation becomes aware of a suspicious transaction or activity they must report it to the ‘money laundering reporting officer’. It’s the money laundering reporting officer’s responsibility to decide whether they need to send a report or ‘disclosure’ about the incident to the FIA. They do this by making a Suspicious Activity Report.
If the money laundering reporting officer suspects money laundering or terrorist financing they must normally suspend the transaction and make a Suspicious Activity Report. But if it’s not practical – or not safe – to suspend the transaction, they should make the report as soon as possible after the transaction is completed.
The FIA receives and analyses Suspicious Activity Reports, and uses them to identify the proceeds of crime. It counters money laundering and terrorism by passing on important information to law enforcement agencies so they can take action.
The information below will help you decide whether you need to report a transaction or activity and how to go about doing so.