Webinar on Mastering Regulatory Reporting: A Deep Dive into SAR/STR Compliance

Webinar on Mastering Regulatory Reporting: A Deep Dive into SAR/STR Compliance

Details

Exclusive Webinar on Mastering Regulatory Reporting: A Deep Dive into SAR/STR Compliance

Date: 7th January 2024

Time: 11:00 AM to 12 Noon (GST)

Venue: Online

We are delighted to present a unique opportunity for you to gain invaluable insights about Suspicious Activity Report/Suspicious Transaction Report (SAR/STR) Compliance under UAE AML Laws from our esteemed AML expert, CS Dipali Vora

Join us for a compelling webinar where she will guide you through AML framework in UAE, different types of reports under UAE AML Laws, and in-depth details of SAR/STR reporting.

Key Highlights:

Types of Reports under UAE AML Laws: Explanation regarding various types of reports and different instances for filing these reports.

Understanding Suspicious Transaction: Delve into the definition of suspicious transaction and difference between suspicious transactions and suspicious activities.

Recognition of Red Flags: Learn how to identify potential indicators of suspicious transactions and suspicious activities.

Understanding SAR and STR: Delve into the definitions and significance of suspicious activity report and suspicious transaction report, its reporting mechanism, and consequences of non-compliance.

Actionable post filing SAR/STR with FIU: How to manage business relationship with customer post filing an SAR or STR with FIU.

Best Practices: Learn the best practices of reporting suspicions and maintaining an effective compliance culture.

Why Attend?

By participating you will:

  • Enhance your understanding of reporting obligations.
  • Stay updated on regulatory requirements.
  • Learn practical strategies for identifying and addressing suspicious activities.

Register now to secure your spot for this exclusive event! Don’t miss this chance to learn from an industry expert and ensure the compliance requirements related to SAR/STR.

Stay ahead in the fight against financial crime. Join us for this insightful webinar and empower yourself with the knowledge to recognize and report suspicious activities or suspicious transactions effectively. Register now!

The UAE regulations require the regulated entities to perform sanctions checks against the UNSC Consolidated List and the UAE Local List. In case of any matches identified against other international sanctions lists, the controls are to be applied considering the business’s risk appetite and the risk-based approach adopted by the entity. It is important to note that for entities dealing with customers and suppliers from the USA, it is advised to reject the business relationship when identified as a match with the OFAC List and submit a SAR/STR on the goAML Portal.

Further, entities operating in jurisdictions like ADGM & DIFC must conduct screening against international sanctions lists like OFAC and EU, depending on the business profile, reject the customer and furnish SAR/STR with the FIU in case of matches.

The UAE AML regulations provide that the DNFBPs must report the identified ML/FT suspicions to the FIU, without any delay. Thus, it is suggested that the alerts be attended to and addressed as soon as possible and that the SAR/STR be immediately submitted to the goAML portal once the suspicion is confirmed and the decision to report the same is made.

The entity must submit a Suspicious Activity Report (SAR) when any ML/FT risk indicators are observed at the initial stage of customer interaction. The reporting of ML/FT suspicions should be done irrespective of the status of the transactions – whether the transaction is completed, in progress or not yet initiated (attempted transaction by the proposed customer relationship).

It is suggested to seek additional details, independently or from customers (without tipping off), to determine whether it is a confirmed or false match. Yet, if it cannot be concluded, then this would be treated as a Partial Name Match where the decision cannot be made due to lack of key identifiers, and you should file a Partial Name Match Report (PNMR) on the goAML portal. Here, the business relationship with such a person must be suspended until you receive instructions from the authorities.

To successfully register on the goAML portal, you can refer to our YouTube video on the subject https://www.youtube.com/watch?v=H84kv3R6njs or refer to our eBook – https://amluae.com/goaml-registration-guide-ebook/, which provides the step-wise process to be followed, the documents to be furnished, etc.

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About the Author

Pathik Shah

FCA, CAMS, CISA, CS, DISA (ICAI), FAFP (ICAI)

Pathik is a Chartered Accountant with more than 22 years of experience in compliance management, Anti-Money Laundering, tax consultancy, risk management, accounting, system audits, IT consultancy, and digital marketing.

He has extensive knowledge of local and international Anti-Money Laundering rules and regulations. He helps companies with end-to-end AML compliance services, from understanding the AML business-specific risk to implementing the robust AML Compliance framework.