17 Jun Suspicious Transaction Reporting
Posted at 21:27h in
Insurers must report suspicious transactions and suspected money-laundering activity observed in the course of business.
- Under Section 25A of the DTROP and the OSCO, failure to disclose that a person “knows or suspects” that property represents the proceeds of drug trafficking, or of an indictable offence, is a crime punishable by 3 months imprisonment and a $50,000 fine.
- Filing an STR with the JFIU satisfies the legal obligation to disclose or report the suspicious activity.
- If an insurance agent or broker reports a suspicion to the appropriate person designated by the employer, his or her legal obligation to disclose has been satisfied.