Reporting workflow

Financial Intelligence Units (FIUs) receive data from financial institutions and other reporting entities. goAML acts as a central repository to establish a database of reports on suspicious financial transactions including those from financial institutions (banks, casinos, real estate brokers, and so forth) that are required to report such information.

Suspicious Transactions

A transaction is deemed suspicious if it shows any of the following attributes:

  • reasonable grounds of suspicion it may involve the proceeds of crime
  • appears to be made in circumstances of unusual or unjustified complexity
  • appears to have no economic rationale or bona fide purpose
  • reasonable suspicion it may involve financing of activities relating to terrorism

Primary data report types

The primary data report types are:

  1. Cash Transaction Reports (CTR): CTR refers to all reports of cash transactions.
  2. Suspicious Transaction Reports (STR): STRs can be uploaded or created manually.
  3. Unusual Transaction Reports (UTR): UTR relates to all unusual (cash) transactions that might be suspicious. After examination, a UTR can be dismissed as unsuspicious or raised to an STR. The reporting institutions may add one or more file attachments or report a collection of one or more unusual transactions at the same time. The system treats a file with multiple unusual transactions as separate reports.
  4. International Funds Transfer (IFT): IFTs are transactions in which money is sent to from one country to another.
  5. Cross-Border Report: Transactions that involve sending or receiving money across borders.
  6. Additional Information File (AIF): AIFs are replies to requests for information when the analysts require more details on transactions, involved persons, accounts, or entities.