Financial Intelligence Unit Announces Guidelines for Filing Suspicious Transaction Reports
The Financial Intelligence Unit (FIU) has released guidelines for financial institutions and designated non-financial businesses or professions to file suspicious transaction reports (STRs) electronically.
Filing Timeline
As of [insert date], all reporting entities are required to submit STRs to the FIU as soon as possible after detecting facts that may constitute a basis for filing a report. The FIU requires reporting entities to submit STRs within a reasonable timeframe after the initial detection of suspicious activity, ensuring that critical information is shared with law enforcement agencies in a timely manner.
Getting Started
To begin filing STRs electronically, financial institutions and designated non-financial businesses or professions must register their institution or profession with the FIU by contacting them directly. Once registered, entities can access the DEFS platform to submit their reports.
Key Requirements for Filing an STR
The guidelines outline several key requirements for filing an STR:
- Providing a clear, concise, and complete narrative explaining the reasons for suspicion
- Describing the conduct or transaction(s) that caused suspicion in chronological order, if applicable
- Identifying any financial institutions associated with reported suspicious transactions
- Retaining supporting documentation for seven years
Points to Note
The FIU has highlighted several important points to note when filing an STR:
- Describe the conduct or transaction(s) that caused suspicion in detail
- Explain whether any transactions involved were completed or only attempted
- Identify who benefited from the activity, financially or otherwise
- Retain supporting documentation for seven years
Contact Information
For further assistance with filing STRs or any other questions related to the guidelines, financial institutions and designated non-financial businesses or professions can contact the Financial Intelligence Unit directly:
Financial Intelligence Unit Ground Floor, Corner of Turkey Lane & Independence Street, Roseau, Commonwealth of Dominica, West Indies Tel: (767) 266-3349/3348/3374/3084/4145/4146 Fax: (767) 440-0373 E-mail: fiu@dominica.gov.dm Website: www.fiu.gov.dm