Issue No. 7: Types of reports the FIU receives

TYPES OF REPORTS THE FIU RECEIVES

Reporting entities are required to submit the following reports to the FIU:

• Threshold transaction reports;
• Suspicious transaction reports; and
• Terrorist property reports.

WHAT ARE THRESHOLD TRANSACTION REPORTS (TTRS)?

TTRs are reports of transactions conducted by customers of reporting entities that meet pre-determined limits/ thresholds.  For example, any cash (or non-cash in some specific instances) transaction (single or accumulated) facilitated by a reporting entity for a customer within a month that meets the following threshold limit:

Reporting Entity	Reporting Threshold
Commercial Banks, Insurance Companies and Brokers Securities Companies and Brokers Used Car Dealers, Real Estate Agents, Brokers and Developers Dealers in Precious Metals (Gold Dealers) Dealers in Precious and Semi-Precious Stones (Diamond Dealers)	Any cash transaction G$2,000,000 or above
Casinos Betting Shops & Internet Betting* Lotteries Credit Unions	Any cash transaction over $500,000 *The threshold for some betting shops is $60,000
Cambio	Any foreign currency purchase over G$400,000, and sale over G$1,000,000
Pawnbrokers	Any cash transaction over $300,000
Money Transfer Agencies	Any money transfer (sent or received) over G$200,000

TTRs are required to be submitted by the 7^th of each month following the month in which the transaction(s) occurred.

WHAT IS A SUSPICIOUS TRANSACTION REPORT (STR)?

A STR is a report which reporting entities are required to submit to the FIU, whenever they suspect or have reasonable grounds to suspect that funds or a transaction (attempted or completed) are connected to the proceeds of a criminal activity, money laundering, terrorism or terrorist financing offences.

A STR must be submitted to the FIU as soon as possible but not later than three days after the suspicion has been formed by the reporting entity.

 WHAT IS A TERRORIST PROPERTY REPORT (TPR)?

A TPR is required to be submitted by reporting entities to the FIU, whenever they have knowledge that funds or other assets in their possession are for a person or entity that is listed on the United Nations Security Council Resolution (UNSCR) 1267 Sanctions List or listed or specified by order of the Minister of Finance in accordance with section 2(2) of the AMLCFT Act 2009. This is based on knowledge that these persons have been linked directly or indirectly to terrorists, terrorist activity, or the financing of terrorism.

These reports are required to be submitted to the FIU immediately (without delay) after the person has been identified as having the beforementioned association.