ramlicious Blogs by Tina & Prabhu

September 11, 2016

Suspicious Activity Report Statistics

Filed under: AML — Tags: , , , , — Prabhuram @ 11:37 am

A concise view of the SAR stats.

June 22, 2012

An Idiot’s Guide to Money Laundering

Filed under: AML — Prabhuram @ 11:06 pm

It’s easy to launder money these days. All you need do is disguise your identity behind a company, then open abank account in the company’s name rather than your own. Here’s how to do it:

  1. Register your company in a place that keeps thenames of the people who own it and run it secret.
  2. Make sure you look legitby having some of yourcompanies in above-boardsounding places.
  3. Give yourself some extra protection by finding some other people to be theowners and directors of your company.
  4. Open your company direct with the corporateregistry – they don’t do any checks on you!
  5. Finally, open a bankaccount in the name ofyour new companyand get spending!

Here is the complete pdf from Global Witness.

January 4, 2012

SAR and STR Filing Trends

Filed under: AML — Prabhuram @ 12:10 pm

The SAR Activity Review – By the Numbers is a compilation of numerical data gathered from Suspicious Activity Report forms filed by financial institutions. It serves as a companion piece to The SAR Activity Review – Trends, Tips & Issues, which provides information about the preparation, use, and utility of Suspicious Activity Reports. By the Numbers generally is published twice a year to cover two filing periods: January 1 to June 30 and July 1 to December 31.

Just like FinCEN, last year FINTRAC published the FINTRACTypologies and Trends Report beginning April 2011. Here is an interesting section from the first edition:

The June 2010 document titled “SAR Activity Review – By the Numbers” indicated that 7,298,462 SARs were submitted to FinCEN between January 1, 2002 and December 31, 2009. During a slightly longer time period, FINTRAC received over 300,000 STRs. If one does a very rough comparison and takes into account the proportional size of our economies and population, FINTRAC is receiving an equivalent of approximately 4% of FinCEN’s SARs volume. Although this may not seem unreasonable, given that there are differences in the business sectors with suspicious transaction reporting obligations between Canada and the United States, other variables would need to be factored in before making any conclusions

Available methods to file Suspicious Activity Report (US) and Suspicious Transaction Report (Canada)

Filed under: AML — Prabhuram @ 11:11 am

Possible STR submission methods to FINTRAC:

  • Manual reporting (mailing to FINTRAC)
  • Online Form using F2R
  • Batch submission using Batch Transmission Software (PKI should be created before using this software. Refer to the guide here)

Possible SAR submission methods to FINCEN:

  • Manual reporting (mailing to FINCEN)
  • Discrete BSA filing with online forms using BSA E-filing system
  • Batch Upload
    • Using BSA E-filing system
    • Using Secure Direct Transfer Mode (SDTM) for minimal user intervention(Refer to FAQs here) and monitoring status using BSA E-filing system

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