guideline on anti-money laundering and the combating of terrorist ...

Guideline on Anti-Money Laundering and the Combating of Terrorist Financingwhether or not the information or other matter contained in the report gives rise to a suspicion as soon aspossible 38 .18.4 Where staff continues to encounter suspicious activities on an account which they have previously reportedto the Compliance Officer, they should continue to make reports to the Compliance Officer whenever afurther suspicious transaction occurs.18.5 All reports of suspicious activities must reach the Compliance Officer who should have the authority todetermine whether a disclosure in accordance with the legislation is appropriate. However institutions mayhave internal reporting procedures that allow a suspicious report to be channeled through the relationship orline manager before it reaches the Compliance Officer. Where such internal reporting procedures are inplace, the line manager cannot alter the report but can attach his/ her comments as to why he/ she believesthat the suspicion is not justified. Regardless, of the internal reporting procedures adopted all reports ofsuspicious activities must reach the Compliance Officer.18.6 The Compliance Officer of the financial institution is required to make a suspicious transactions or asuspicious activity report (SAR) to the FIU where the financial institution knows or has reasonable groundsto suspect that funds are the proceeds of a specified offence and are being used either for:a) business transactions with persons and financial institutions in or from other countries which do not orinsufficiently comply with the FATF Recommendations;b) for complex, unusual or large transactions whether completed or not; orc) transactions which have no apparent economic or visible lawful purpose.18.7 A financial institution may in accordance with section 13 of the FIUTTA seek the approval of the FIU tocomplete a suspicious transaction and the Director may grant such approval with such conditions as hesees fit, but the granting of the approval shall not prejudice any analysis or evaluation being undertaken bythe FIU 39 .18.8 The SAR should be made as soon as possible but within fourteen days of the date on which the financialinstitution knew or had reasonable grounds to suspect that the funds used for the transaction were theproceeds of a specified offence 40 . The SAR should be in the format prescribed in the Third Schedule of thePOCA 41 or such other form as the FIU may prescribe. A SAR can be submitted either electronically, inwriting or by facsimile 42 .38 Refer to POCA Section 30(3)(B)39 Refer to the FIUATT section 13.40 Refer to POCA, Section 30(3B).41 Refer POCA 55(3)42 Refer to Regulation 6 of FIUTT Regulations, 2011.Page 40 of 75