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Suspicious Transaction Report Quality Review

Suspicious Transaction Report Quality Review A 2017 Strategic Analysis Report that assesses the overall Quality and effectiveness of the Suspicious Transaction Reports submitted by Covered Persons to the AMLC for the year 2016 Page 1 of 25 Table of Contents SUMMARY .. 2 I. BACKGROUND OF THE STUDY .. 3 II. OBJECTIVE OF THE STUDY .. 4 III. METHODOLOGY .. 4 IV. GENERAL FINDINGS .. 7 A. STR Quality MACRO LEVEL ASSESSMENT .. 9 B. STR Quality MICRO LEVEL ASSESSMENT .. 9 C. SUMMARY OF DEFICIENCIES .. 10 D. CHARACTERISTICS OF HIGH Quality STR .. 15 E. CONCLUSION .. 17 F. NEXT STEPS .. 17 ANNEXES .. 19 ANNEX A: Suspicious Transaction Definition .. 19 ANNEX B: Forgeries and Counterfeiting Definition .. 22 ANNEX C: Frauds and Illegal Exactions and Transactions Definition.

of the suspicious activity. A number of STRs show no pertinent details of the suspicious activity. Data text mining on these fields is also used to determine the common reasons for filing STRs. While commercial banks/universal banks file most of …

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