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Financial Intelligence Agency - Annual Report 2022/23

Suspicious Activity Reports (SARs) and Suspicious Transaction Reports (STRs)

In this section, we will discuss the total number of SARs/STRs submitted to the Financial Intelligence Agency (FIA) in FY22/23.

Total Number of SARs/STRs Reported

• In FY22/23, a total of 51 SARs/STRs were submitted.
• The breakdown of these reports is as follows:
  • Retail Banks (RBs): 32 or 64%
  • Money Service Businesses (MSBs): 1 or 2%
  • Private Banking Institutions (PBs): 4 or 8%

Comparison with Previous Years

We will compare the number of SARs/STRs reported in FY22/23 to previous years.

Decrease in SARs/STRs Reported

• There was a decrease in the number of SARs/STRs reported compared to:
  • The previous fiscal year (FY21/22)
  • FY20/21
• Retail Banks (RBs) have been the highest contributors to SARs/STRs submitted within the Turks and Caicos Islands over the last five years.

Designated Non-Financial Business and Professions (DNFBPs’) Submissions

We will discuss the number of submissions made by DNFBPs in FY22/23.

DNFBPs’ Contribution to SARs/STRs

• In FY22/23, DNFBPs accounted for 12 or 24% of the STRs/SARs reported.
• The following DNFBPs submitted SARs/STRs:
  • Gaming establishments
  • Law firms/attorneys
  • Company service providers
  • Real estate agency/agents
  • Trust companies

Increase in Submissions by DNFBPs

There was an increase in submissions made by DNFBPs compared to FY21/22 and previous years.

Cash Declarations

We will discuss the process of cash declarations and the threshold amount for outward and inward declarations.

Cash Declaration Process

• The FIA receives reports of cash declarations from the Customs Department.
• These reports are used to determine if persons are involved in money laundering.

Threshold Amount for Outward and Inward Declarations

• The threshold amount for outward and inward declarations is USD10,000.00.