Financial Crime World

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Suspicious Transaction Reporting Office (STRO) in Singapore

The Suspicious Transaction Reporting Office (STRO) plays a crucial role in combating money laundering and terrorism financing in Singapore. Here are the key points related to STRO:

Mission

  • The STRO receives, analyses, and disseminates financial intelligence collated from Suspicious Transaction Reports (STRs), Cash Movement Reports (CMRs), and Cash Transaction Reports (CTRs).
  • The primary objective of STRO is to combat money laundering and terrorism financing by gathering and analysing financial intelligence.

Reporting Requirements

If you have knowledge or reasonable grounds to suspect that any property may be connected to a criminal activity, you are required to file a Suspicious Transaction Report (STR) to the STRO. This includes:

  • Bankers
  • Financial institutions
  • Casino operators
  • Remittance providers
  • Other entities and individuals subject to reporting requirements

Importance of Filing STRs

Suspicious Transaction Reports play an essential role in combating money laundering and terrorism financing. A high level of suspicious transaction reporting is an internationally accepted indicator of the existence of a strong Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) regime.

How to File

You must file a Suspicious Transaction Report (STR) electronically via STRO Online Notices And Reporting platform (SONAR). This platform provides a secure and efficient way to submit STRs to the STRO.

Regulatory Requirements

The regulators for a number of reporting industries require entities to comply with the Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) legislation and regulations. These include:

  • Monetary Authority of Singapore (MAS)
  • Financial Conduct Authority (FCA)
  • Commercial Affairs Department (CAD)

By filing STRs electronically via SONAR, you can help ensure compliance with these regulatory requirements and contribute to the efforts of STRO in combating money laundering and terrorism financing.