The Financial Intelligence Unit (FIU) of Seychelles has issued Guidelines for Suspicious Transaction Reporting (STR) in an effort to provide practical assistance and comprehensive approach to reporting entities by enabling them to recognise suspicious transactions and meet their reporting obligation under Section 48 of the AML/CFT Act 2020 to the FIU.
More specifically, the issued Guidelines, explain reporting timelines, the information that must be included in the Suspicious Transaction Report (STR) and the procedure for submitting reports electronically to the FIU.
It is also important for reporting entities, to differentiate their STR reporting obligations from the currency transaction threshold reporting obligations (i.e., the Cash Transaction Threshold Report (CTTR) and Wire Transfer Threshold Report (WTTR). The difference is that, CTTR and WTTR are merely threshold reports and such transaction(s) shall not necessarily involve criminal behaviour.
The FIU emphasises that, any reporting entity that suspects that any service or transaction may be related to criminal conduct, including an offence of money laundering or terrorist financing activities, it shall submit an STR to the FIU, in line with the requirements under section 48 of the AML/ CFT Act and related Regulations.
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