Guidance for Financial Institutions on Suspicious Transaction Reporting

Guidance for Financial Institutions on Suspicious Transaction Reporting

Article 44.11 of the Cabinet Decision No. (10) of 2019 Concerning the Implementing Regulation of Decree Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations charges Supervisory Authorities with “providing Financial Institutions…with guidelines and feedback to enhance the effectiveness of implementation of the Crime-combatting measures.”

FAQs - Financial Institutions on Suspicious Transaction Reporting

When an entity identifies a suspicious transaction of financial crime, the Compliance Officer or the MLRO (Money Laundering Reporting Officer) must file the STR to the Financial Intelligence Unit (FIU) Immediately. 

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