1. Suspicious Transaction Reporting (STR)
Businesses must prepare and file STRs through the GoAML system when required.
- Purpose: STRs help detect and report potential money laundering or financial crimes.
- Mandatory Reporting: Companies must submit STRs if they identify suspicious activities in financial transactions.
- Regulatory Oversight: The Financial Intelligence Unit (FIU) monitors STR submissions to prevent financial fraud.
2. Transaction Monitoring Program
Businesses must set up rules and alerts to track unusual or potentially illegal transactions.
- Risk-Based Monitoring: Companies must assess transaction patterns, frequency, and amounts to detect anomalies.
- Automated Alerts: Systems flag transactions that deviate from normal customer behavior.
- Compliance Standards: Businesses must follow AML regulations to prevent financial crimes.
3. Compliance Calendar
Companies must ensure timely reporting and renewals of AML-related obligations.
- Regulatory Deadlines: Businesses must track AML filing dates, audits, and training schedules.
- Ongoing Compliance: Companies must maintain customer due diligence (CDD) and transaction monitoring.
- Penalty Avoidance: Missing deadlines can result in fines and legal consequences.