Update: Submitting reports via goAML in line with regulation 15(4) of the PMLFTR

24th March 2022

The Financial Intelligence Analysis Unit (FIAU) issued a guidance note to subject persons (SPs) to advise them on the best practices to be adopted when submitting reports via goAML in line with Regulation 15(4) back in January 2021.

Current Procedures
SPs were requested to submit a TRN report for every pending transaction separately. This  procedure was adopted by the FIAU to be able to identify the quantity and value of all pending transactions. SPs were therefore requested to report a TRN for every pending transaction in addition to the STR/SAR.

By way of Example: A client wants to carry out 2 transactions which are being considered as suspicious. Upon reviewing the account, other suspicious transactional activity is identified. In this case the SP should report the STR detailing the suspicious activity which already took place, an AIF with details of the account activity which was not suspicious, and 2 TRNs, one for each suspicious pending transaction.

Updates: New Procedures Adopted
It is pertinent to highlight that the circumstances which lead to the submission of a TRN report still apply. However, following further improvements and upgrades to goAML, the FIAU is pleased to announce that in the case of more than one pending transaction there is no need to submit more than one TRN report as previously instructed. SPs can now simply submit one TRN report highlighting more than one pending transaction in the same TRN report.  However, the below criteria must be included in the TRN Report.

Important

  • It is important to mention that SPs refraining from carrying out a transaction in line with Regulation 15(4) of the PMLFTR, upon submission need to provide the FIAU with the respective transactional details to where the funds are moving to, the suspicion identified in relation to the transaction being reported and any related supporting documentation.
  • A report indicator needs to be ticked on all report types to be able to identify a pending transaction in the report in line with Regulation 15(4) of the PMLFTR.

These amendments and updates will come into effect as of 1st April 2022.