Reporting STRs: Making Good Decisions to Avoid Possible Penalties

Original Broadcast Date: Tuesday, September 13, 2022

There has been a recent uptick in the number of Administrative Monetary Penalties (AMPs) issued by FINTRAC that have included citations for poor or missing suspicious transaction reporting. Given STRs provide FINTRAC with critical intelligence it relies on to assist with its analysis of financial transactions across all reporting sectors, undertaking the STR decision-making process correctly and effectively is crucial.

Penalties of this type suggest potential weaknesses in this process, which can be attributed to a variety of factors, including human error and ineffective soft-ware. Too often, the blame for these deficiencies is placed on a couple of usual suspects: not recognizing red flags or a lack of resources to do the job. When one looks at missed or inadequate STR reporting, however, the problems often have everything to do with the skills and mindset of those tasked with the job.

The goal of this webcast seminar is to focus on the practicalities of case studies and real world examples drawn from the presenter's extensive experience in anti-money laundering.

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