AML Compliance: Suspicious Transaction Reports (STRs/SARs)
How to write high-quality AML STRs/SAR narratives and reports for Competent Authorities"
Description
(UPDATED JANUARY 2024)
Are you looking to take your AML narrative and report-writing skills to the next level? If so, we've got just the thing for you: a guide on how to craft high-quality AML narratives and reports that will impress even the most discerning Financial Intelligence Units (FIUs).
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Bonus Resource: Wolfsberg AML Principle on Political Exposed Persons (PEPs)
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Writing qualitative AML narratives and reports for FIUs should not be a nightmare.
By legislation, all reporting entities are obligated to generate specific reports, known as Suspicious Transaction Reports (STRs) or Suspicious Activity Reports (SARs) in some jurisdictions, to the competent authority Financial Intelligence Units (FIU) for receiving these reports. It has been observed that most financial and non-financial Institutions struggle with sending quality Suspicious Transaction Reports (STRs) or Suspicious Activity Reports (SARs) to the FIUs mainly because these reports lack the salient information the analysts or investigators need to know. Most money laundering reporting officers (MLROs) are not skilled or are confused about how to proceed when needed. This is what this course seeks to address.
Students will learn the following:
1. What is a suspicious transaction?
2. Importance of writing and sending qualitative reports
3. What an account officer must know ahead of time about a client’s information
4. How an account officer should explain what a suspicion is and all others
5. How not to send incomplete STRs/SARs narratives.
6. Case study and class exercise.
By sending a qualitative report, the financial institution helps the financial intelligence analysts or investigators understand the suspicion, among other reasons.
This is the concluding part of a three-part course, “Identifying Suspicious Transactions” and “How to Report Suspicious Transactions Under the AML/CFT Regime.".
What You Will Learn!
- Student will learn what a suspicion is and what a narrative is
- Why your suspicious reports (STR/SAR) never make any impart
- Learn how to explain suspicion in a clear logical process
- Learn how to differentiate between good and bad narratives
- How to write good opening statements that will capture the reader's attention
- Learn how to start and finish writing a qualitative report.
- How to measure risks attached to such reports
- Learn how to avoid common writing mistakes
- Definition for Politically Exposed Persons (PEPs) and how to categorize all associates and family members
Who Should Attend!
- Money Laundering Reporting Officers, Compliance Officers
- AML regulatory Trainees, Anti-Money Laundering Instructors
- Money laundering certification preppers
- Fraud Analysts or examiners and Criminal Law students