If a reporting entity suspects or has reasonable grounds to suspect that funds are the proceeds of a criminal activity, or are related to terrorist financing, it shall as soon as possible but no later than 3 days report promptly its suspicions to the Financial Intelligence Unit (FIU).

When would a financial institution typically file an STR?

A Suspicious Transaction Report (STR) is a document that financial institutions must file with their Financial Intelligence Unit (FIU) whenever there is a suspected case of money laundering or fraud.

When must a suspicious activity report be filed?

A suspicious activity report (SAR) must be lodged if you suspect that a person has traded while in possession of inside information – or if an order or trade creates or maintains an artificial price or a false or misleading appearance in the market or price of financial products.