AMLAWARE | Suspicious Transaction Reporting
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Suspicious Transaction Reporting

17 Jun Suspicious Transaction Reporting

Topic Progress:

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.