Video on Suspicious Activity vs. Suspicious Transaction

Securing the NFT Ecosystem Complete Guide

According to AML UAE regulations, the reporting entities (Financial Institutions, DNFBPs and Virtual Asset Service Providers) must comply with reporting requirements with FIU on the goAML portal. Based on the red flags identified concerning any suspicious activity/ transaction, the entities must report the same to FIU on the goAML portal by filing a Suspicious Activity Report (SAR)/ Suspicious Transaction Report (STR).

SAR means to report any suspicious activity in case of attempted or unexecuted transactions before establishing a relationship with the customer. In contrast, STR means to report any suspicious transaction when the transaction has already been executed, or funds transfer has been initiated or concluded, even if the supply of goods/ services is pending.

Chapters:

  • 0:00 Introduction on Suspicious Activity vs Suspicious Transaction
  • 0:44 Understanding the conditions of filing STR and SAR
  • 1:04 Suspicious Transaction
  • 1:30 Suspicious Activity
  • 1:40 When to file SAR and STR
  • 2:27 Examples of suspicions where SAR is to be filed
  • 3:15 Examples of suspicions where STR is to be filed
  • 3:53 Conclusion and regards

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