FINCEN Guidelines in Mauritius: Banks Regulate Suspicious Transactions Reports, Says MBA

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The Mauritius Bankers Association Limited (MBA) has recently issued a statement clarifying the role of banks in monitoring and reporting suspicious transactions in response to recent media releases regarding the FinCEN Files.

The Role of Banks in Reporting Suspicious Transactions

According to the MBA, banks are required by law to monitor transactions and file confidential Suspicious Transactions Reports (STRs) with the authorities if necessary. These reports are then investigated by the authorities and further action is taken as required by law.

• Banks regularly file STRs
• Close collaboration between banks and regulatory bodies to combat financial crime

The Importance of FinCEN Guidelines

The Financial Crimes Enforcement Network (FinCEN), a bureau of the US Department of the Treasury, collects and analyzes information about financial transactions to combat domestic and international money laundering, terrorist financing, and other financial crimes. FinCEN serves as the US Financial Intelligence Unit (FIU).

International Cooperation in Combating Financial Crime

The Egmont Group, a united body of 165 Financial Intelligence Units (FIs), provides a platform for the secure exchange of expertise and financial intelligence to combat money laundering and terrorist financing.

What are Suspicious Transaction Reports?

Suspicious Transaction Reports are filed by banks or other entities with their jurisdiction’s financial intelligence unit based on suspicion or reasonable grounds that funds are proceeds of criminal activity or related to terrorist financing.