The FIAU has recently updated Chapter 5 of the FIAU IP in line with the recent changes of Regulation 15 of the PLMFTR.
The amendments Regulation 15 was sought to revise the timeframe for the submission of suspicious transaction reports (“STR’s”) and suspicious activity reports (“SAR’s”). The 5 day ‘rule’ has now been substituted by an obligation to make PROMPT submissions. Furthermore, additional amendments to Regulation 15(3) and Regulation 15(7) seek to clarify that the obligation to submit an STR subsists also where there is an attempt to carry out a transaction or activity, as long as we as subject person know, suspect or otherwise have reasonable grounds to suspect that it is related to proceeds of crime or funding of terrorism.
The timeframes revised under the new IPs require internal reports to be filed with the MLRO not later than the next working day from when a subject’s person employee becomes aware which gives rise to knowledge or suspicion of ML/FT. STRs are to be submitted to the FIAU on the same day on which the MLRO determines that the information or matter set out in the internal report actually gives rise to knowledge or suspicion of ML/FT or within the shortest time possible and without undue delays in complex cases. Emphasis is also being put in cases where the MLRO needs to be provided with necessary resources
Any reference to different timeframes for the submission of STRs present in any Implementing Procedures – Part II or any other document issued by the FIAU is to be considered as superseded by the requirements of Regulation 15(3) and of the revised Chapter 5 of the Implementing Procedures – Part I.
Click on the link to access the revised version of the Implementing Procedures – Part I : https://bit.ly/32x3QIr
