Suspicious transaction report
A report made to the Financial Intelligence Centre when a transaction or activity appears suspicious or unusual under anti-money-laundering rules.
Definition
Suspicious transaction report issues can involve FICA compliance controls, customer due diligence, source-of-funds questions, unusual activity, reporting obligations, internal escalation, recordkeeping, tipping-off risk, and regulator engagement. A practical review should identify who observed the activity, what information was available, what the accountable institution's process required, whether a report was filed, and what records support the decision.
Key takeaways
A report made to the Financial Intelligence Centre when a transaction or activity appears suspicious or unusual under anti-money-laundering rules.
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Related legal problems
This glossary provides general information only and does not constitute legal advice.
Common situations
Suspicious transaction reporting
FICA compliance
AML escalation
Related resources
Resources and guides
FAQs
Suspicious transaction report FAQs
What does Suspicious transaction report mean?
A report made to the Financial Intelligence Centre when a transaction or activity appears suspicious or unusual under anti-money-laundering rules.
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