20th December 2023
The Financial Intelligence Analysis Unit (FIAU) recently released a comprehensive guidance document addressing the New Report Type on goAML: Suspicion of Cash Restriction Breach Report (SCRBR). This information is crucial for reporting entities, and we want to ensure you are well-informed.
Reporting Requirement for Cash Restriction Breach and ML/FT
It is crucial to note that a significant change concerning reporting requirements will be introduced on 1 January 2024. Moving forward, when there is an element of cash restriction breach and Money Laundering/Financing of Terrorism (ML/FT), two separate reports must be submitted via goAML under their respective report type. Essentially, an SCRBR highlighting the cash breach and an STR/SAR indicating the suspicious ML activity. Apart from that, it is imperative to include the respective report indicator Internal 09, on STR/SAR report type only.
N.B. Please be aware that any Suspicion of Cash Restriction Breach Report (SCRBR) submitted via XML that includes high-value goods not explicitly mentioned under the Use of Cash (Restriction) Regulations (S.L. 373.04) will be subject to automatic rejection.
New Technical Package Schema
The FIAU is sharing with you the updated technical package schema. This revision incorporates improvements to enhance the accuracy and efficiency of reporting. We encourage you to review the updated schema thoroughly to ensure compliance with the latest standards.
If you have any questions or require further clarification, our support team is ready to assist you. We encourage you to reach out to us on [email protected].