FAQs
- How do I know if the transaction is suspicious?
- What happens after I make a report?
- Will my report be kept confidential?
- Can I make a report if I have a responsibility to keep my client's financial dealings confidential?
- What will happen to me if I do not make a report?
- Do I need to make a separate report to the police or other law enforcement agencies after making a report?
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How do I know if the transaction is suspicious?
The systemic approach to the identification of suspicious transactions outlined earlier should be used. In summary, if one or more suspicious activity indicators are observed, the customer is unwilling or unable to provide a legitimate and reasonable explanation, and the type of activity is not commensurate with that which is expected from the customer, then a report should be made. Real cases illustrating money laundering can be found in the section "Typologies".
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What happens after I make a report?
Firstly, we will send you a letter acknowledging that we have received the report and notifying you of the JFIU reference number which you may quote in any future correspondence about your report.
Your report will be assessed and may be sent to local or overseas law enforcement agencies, financial intelligence units worldwide as appropriate.
When the investigation into your report is concluded, you will be sent another letter telling you the result of the investigation.
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Will my report be kept confidential?
Yes - all reports made to JFIU are kept strictly confidential and are handled only on a "need to know" basis.
In addition, under both the DTROP and OSCO, it is an offence to broadcast or publish any information which reveals that a report has been made to JFIU or the identity of anyone who has made a report. The report itself will not be used in evidence. The fact that a report has been made will not be revealed in court. The subject of the report, and anyone else interviewed as a result of the report, will not be informed that an STR has been made.
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Can I make a report if I have a responsibility to keep my client's financial dealings confidential?
The law states that any report made to JFIU will not be treated as a breach of client confidentiality and that the person making the report cannot be sued for breach of privacy or damages incurred as a result of the report being made, i.e. the legal requirement to make a report overrides the clients' rights to confidentiality.
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What will happen to me if I do not make a report?
The law requires you to make a report if you suspect that any property represents the proceeds of serious crime, was used in connection with serious crime, or is intended to be used in serious crime. If you do not make a report in these circumstances you may be prosecuted for the offence of "Failing To Make A Suspicious Transaction Report", a crime which carries a maximum penalty of three months' imprisonment.
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Do I need to make a separate report to the police or other law enforcement agencies after making a report?
Filing an STR is a legal obligation. The JFIU will treat it as intelligence of confidential nature. Contacting the JFIU on filing an STR to the JFIU is never equivalent to making a formal report of crime to the Police. If you require follow-up action by the Police or other law enforcement agencies, please report the case to the relevant department direct.