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.
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:
- Cash Transaction Reports (CTR): CTR refers to all reports of cash transactions.
- Suspicious Transaction Reports (STR): STRs can be uploaded or created manually.
- 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.
- International Funds Transfer (IFT): IFTs are transactions in which money is sent to from one country to another.
- Cross-Border Report: Transactions that involve sending or receiving money across borders.
- Additional Information File (AIF): AIFs are replies to requests for information when the analysts require more details on transactions, involved persons, accounts, or entities.