What is a suspicious transaction?
Suspicious transactions are financial transactions that you have reasonable grounds to suspect are related to the commission of a money laundering offence. This includes transactions that you have reasonable grounds to suspect are related to the attempted commission of a money laundering offence.
Suspicious transactions also include financial transactions that you have reasonable grounds to suspect are related to the commission of a terrorist activity financing offence. This includes transactions that you have reasonable grounds to suspect are related to the attempted commission of a terrorist activity financing offence.
What is money laundering?
Money laundering is the generic term used to describe the process by which criminals disguise the original ownership and control of the proceeds of criminal conduct by making such proceeds appear to have derived from a legitimate source.
The processes by which criminally derived property may be laundered are extensive. Though criminal money may be successfully laundered without the assistance of the financial sector, the reality is that hundreds of billions of dollars of criminally derived money is laundered through financial institutions, annually. The nature of the services and products offered by the financial services industry (namely managing, controlling and possessing money and property belonging to others) means that it is vulnerable to abuse by money launderers.
What is a suspicious transaction report?
Suspicious Activity Reports (SARs) are the FIUs most important source of information. Many individuals launder money to conceal illegal activity, such as drug trafficking, fraud, illegal firearms sales, and even terrorism. It fuels criminal conduct, allowing drug dealers, smugglers, terrorists, and arms dealers to maintain control over their proceeds and ultimately to provide a legitimate cover for their sources of income.
When do I submit an SAR to the FIU?
A SAR should be made as soon as the knowledge or suspicion that criminal proceeds exist has arisen or at the earliest opportunity thereafter.
How do I submit my suspicions to the FIU?
The FIU preferred method for institutions and individuals is to submit their suspicion on the Suspicious Activity Report Form downloaded from this section of the website, or obtained directly from the FIU. The report on completion can be delivered by hand to the address in our contact information or faxed to (473) 435-2372.
Download a Suspicious Activity Report (SAR) Form HERE