Reporting Guidelines

Reporting entities are required to submit three types of reports to the FIU in such manner and form as specified by the Director of the FIU. These reports are as follows:

  • Threshold Transaction Reports,
  • Suspicious Transaction Reports, and
  • Terrorist Property Reports.

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 facilitated by a reporting entity for a customer (single or accumulated) 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 or Car Parts 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 equal to or above G$2,000,000

  • Casinos
  • Betting Shops*
  • Lotteries
  • Credit Unions

any cash transaction equal to or above $500,000

*A special threshold of $60,000 has been set for some betting shops.

  • Cambio

any foreign currency purchase above G$400,000, and sale over G$1,000,000

  • Pawnbrokers

any cash transaction above $300,000

  • Money Transfer Agencies

any money transfer (sent or received) above G$200,000

 

TTRs are due by the 7th of each month following the month in which the transaction(s) occurred and should be reported in such manner or format prescribed by the Director of the FIU.

Important Note:

The following categories of reporting entities have been exempted by the FIU from the submission of threshold transactions:

  • Attorneys-at-Law, Notaries, and Commissioner of Oaths to Affidavit
  • Accountants and Auditors
  • Trusts or Company Service Providers
  • Registered Charities
  • Cooperative Societies

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.

As a general principle, any transaction that causes a reporting entity to have a feeling of apprehension or mistrust, should be considered for being submitted to the FIU as a suspicious transaction.

Guidance for suspicious transaction reporting

Identifying suspicious transaction

Suspicious transactions are likely to involve a number of factors which together raise a suspicion in the mind of the officer of the reporting entity that the transaction may be connected to money laundering, terrorist financing or the proceeds of a crime.

The factors that should be considered in assessing whether or not a transaction is suspicious include – complex, unusual large business transactions, and unusual patterns of transactions, whether completed or not, that have no apparent economic or lawful purpose and are inconsistent with the profiles of the person or persons carrying out the transactions.

Reporting entities can seek guidance as to what could constitute an STR from the list of indicators provided in the Annex. Note that this list of indicators is for guidance only.  Further guidance may be obtained from typologies and case studies provided in the typology reports produced and circulated by the FIU.

What is a suspicious transaction? This will ultimately be determined by the reporting entity’s knowledge of its customers, their business, and the historical pattern of transactions.

What to report

An STR submitted to FIU must contain:

  1. Information on the subject (Name/DOB/Occupation) including copy of ID if available.
  2. Information related to the suspicious activity (Date range of suspicious activity/Account details/type of transaction/Amount involved).
  3. Information on the reporting entity making report (Name and address of reporting entity).
  4. Information on Compliance Officer of the reporting entity (Name and contact details of the Compliance Officer).
  5. A description of the suspicious transaction/activity: Provide a clear, complete and chronological description of the transaction(s), including what is unusual, irregular, or suspicious about the transaction(s), using the checklist below as a guide:

Describe

  • The conduct that raised suspicion; and
  • The supporting documentation.

Explain

  • Whether the transaction(s) was completed or only attempted; and
  • Who benefited, financially or otherwise, from the transaction(s).

Indicate

  • Whether any information has been excluded from this report and why;
  • Whether the suspicious transaction is an isolated incident or relates to another transaction; and
  • If the reporting entity is a financial institution) any additional account number and any domestic or foreign bank account number which may be involved.

When to report

Once a suspicion is formed, a reporting entity must as soon as practicable, but no later than three days after forming a suspicion, report the transaction to the FIU. In practice, where account monitoring processes identify a transaction, the three-day requirement does not commence until a suspicion based on reasonable grounds is formed. Reasonable grounds may not exist until a member of your staff has had time to consider the transaction in light of the surrounding circumstances or new information is obtained. Once the requisite suspicion is formed, the three-day requirement commences.

After an initial STR has been submitted, a reporting entity may continue to conduct business with the customer. However, they must comply with all relevant provisions of the AML/CFT legislation, including the requirement to submit additional information on the customer where appropriate.

IMPORTANT: The requirement to report STRs applies to completed or attempted transactions and there are no monetary thresholds for reporting.

The FIU relies on reporting entities to fulfill their obligation to report suspicious transactions/activities.  STRs are the main source of information available to the FIU to detect suspected money laundering or predicate/serious offences. An STR can indicate that suspected criminal activity is occurring through a transaction or series of transactions. Reports received by the FIU are analyzed for activities and patterns that may indicate criminal activity. Various resources are used, including partner agencies and open-source databases. Often, additional information is required from reporting entities to help establish whether the suspicious activity reported in an STR merits further investigation. This additional information can be vital in determining whether the suspicion translates into actual criminal activity. Where criminal activity appears to be occurring, cases may be referred to the Special Organised Crime Unit or other relevant law enforcement agency for investigation.

Terrorist property report (TPR)

A TPR is a report that a reporting entity must submit to the FIU, whenever it has knowledge that funds or other assets in its possession are for a person or entity that is listed on the United Nations Security Council (UNSC) Consolidated List or listed or specified by order of the Minister of Finance in accordance with section 2(2) of the AMLCFT Act 2009 and UNSCR 1373 (2001).

A TPR must be submitted immediately (without delay) after the person has been identified as having the beforementioned association.

Guidance for terrorist property reporting

To determine whether you are in possession of funds or other assets of a listed person or entity, you must first determine whether any of your customer/client is a listed person or entity, and also whether you are dealing with any funds or other assets of that listed person or entity.

Positive name match relating to listings by the Al Qaida 1267(1999) Sanctions Committee or the 1718(2006)/2231(2015) (on DPRK and Iran) Sanctions Committees or Minister of Finance in accordance with UNSCR 1373.

If there is a ‘positive name match’ meaning that the name of the customer/client appears on the UN Consolidated List (UNSCRs 1267, 1718 and 2231), or Local List (UNSCR 1373), a reporting entity must:

  • Take reasonable and appropriate measures to verify and confirm that the customer/client is the listed person or entity before informing the Director-FIU.

    This can be done by further checking, in the case of a person, the customer/client’s date of birth, place of birth, nationality, and ID Card/Passport number, and in the case of an entity, the entity’s address and other information, against the information on the UN Consolidated List or Local List. (This will avoid false positive situation where extreme measures may be taken against an innocent person or entity) AND

  • If customer/client’s details match, immediately complete and submit a Terrorist Property Report.
  • If the reporting entity is in possession or control of any funds or other assets of the listed person or entity the following information must also be included in the report:
    • Number of persons
    • Contracts or accounts involved
    • Total value of the funds or other assets.

 Terrorist Property Quarterly Report

A reporting entity is also required to submit Quarterly Terrorist Property Report to the FIU whether or not it had dealings with a listed person or entity. [1]  Such reports are due as follows:

  • On or before January 7 – for the quarter (October – December)
  • On or before April 7 – for the quarter (January – March)
  • On or before July 7 – for the quarter (April – June)
  • On or before October 7 – for the quarter (July – September)

NOTE:
While the UN Consolidated list contains listings by the Al Qaida 1267(1999) Sanctions Committee or the 1718(2006)/2231(2015) (on DPRK and Iran) Sanctions Committees, it is important to note that the list also contains listings by other Sanctions Committees such as the Sanctions Committee concerning Iraq, the 2127 Committee concerning Central Africa, and the 2374 Sanctions Committee.

Positive name match relating to listings by other Sanctions Committees

If there is a ‘positive name match’ a reporting entity must:

  • Take reasonable and appropriate measures to verify and confirm that the customer/client is the listed person or entity before informing the Director-FIU; and

If customer/client’s details match, immediately complete and submit a Suspicious Transaction Report to the FIU.

Maintaining sanctions lists

To determine whether you are in possession or control of funds or other assets of a listed person or entity, you must put in place and implement policies and procedures to-

  • Keep your entity updated with the various resolutions passed by the United Nation Security Council on targeted financial sanctions related to terrorism, terrorism financing and proliferation financing (UN Consolidated List), as well as Specified Orders passed by the Minister of Finance (Local List); and
  • Maintain an updated and current database of names and particulars of persons or entities designated by the United Nations Security Council Sanctions Committee (UN Consolidated List) or specified by the Minister of Finance (Specified Order List).

The UN Consolidated List can be accessed here: https://www.un.org/securitycouncil/content/un-sc-consolidated-list  

Targeted Financial Sanctions (Specified Person/Entity) Order referred to as the “Local List can be accessed HERE: https://fiu.gov.gy/specified-persons/ 

Conducting screening on customers

A reporting entity must conduct checks on its existing, new and potential customers/clients, via a name-screening and/or internal blacklist database to determine if a customer/client is listed on the UN Consolidated List or the Local List.

A reporting entity must screen its entire customer/client database without delay when informed of new names added to the UN Consolidated List or Local List.

The obligation to conduct screening on customers/clients also includes funds or other assets derived from property owned or controlled directly or indirectly by the listed person or entity.  In this regard a reporting entity must conduct checks on-

  • Relationship and transactions connected with the listed person or entity.
  • Properties or accounts that are jointly owned and/or indirectly controlled by the listed person or entity; and
  • Parties related to the accounts including beneficial owners, signatories, power of attorney relationships, guarantors, nominees, trustees, assignees and payors.

Where to send reports

Reports can be submitted to the FIU electronically (via the FIU’s secured e-reporting platform – CaseKonnect) or on CD/USB hand-delivered.  To submit the report electronically, a reporting entity must first be registered on the FIU Electronic Reporting Platform.  To register, the reporting entity must send a letter to the FIU requesting authorization.  The letter must state the full name, designation, telephone number, and email address of the person to be authorized (e.g. the reporting entity’s compliance officer) and the name and address of the reporting entity.

Paper/CD reports must be submitted to:

Director
Financial Intelligence Unit
c/o Ministry of Finance
Main and Urquhart Streets
Georgetown

What becomes of your reports when submitted to the FIU?

After submitting a report, the following chain of activities are executed: