Financial Crime World

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Financial Institution Reveals AML/CFT Performance Metrics

In an effort to enhance transparency and compliance, [Financial Institution Name] has released its Anti-Money Laundering and Combating Financing of Terrorism (AML/CFT) performance metrics for the reporting period.

Highlights from the Report

  • The institution received 7 reports of unusual or suspicious transactions internally, with 5 of these being filed with the Financial Intelligence Unit (FIU).
  • The FIU provided feedback on the quality of 3 STRs filed by the institution, indicating an improvement in reporting standards.
  • It took an average of 15 days to file a Suspicious Transaction Report (STR) once an unusual or suspicious transaction was identified internally. There were no backlogs in transaction alerts, with all notifications being actioned within the prescribed timeframe.

Compliance and Training

  • The institution recorded 10 positive sanctions hits, resulting in the rejection of 3 remittances and suspension of 2 others. Additionally, 1 customer relationship was terminated due to a positive sanctions hit.
  • There were 5 attempted cases and 2 actual occurrences of fraud reported during the period.
  • 90% of the institution’s employees participated in AML/CFT training during the last 12 months.
  • 75% of the institution’s agents’ staff have received AML/CFT training.

Compliance Unit and Board of Directors

The report concludes with information on the institution’s Compliance Unit, including: + Number of staff: [insert number] + Staff with AML/CFT qualifications: [insert number] Additionally, the institution provides details on its Board of Directors, including those who have participated in AML/CFT training.

Key Statistics

  • Number of unusual transaction reports: 7
  • Number of STRs filed with FIU: 5
  • Average time taken to file an STR: 15 days
  • Positive sanctions hits: 10
  • Remittances rejected due to positive sanctions hits: 3
  • Customer relationships terminated due to positive sanctions hits: 1
  • Instances of fraud: 5 attempted, 2 actual occurrences
  • Staff participation in AML/CFT training: 90%
  • Agents’ staff with AML/CFT training: 75%

Source: [Financial Institution Name], [Date]