FIAU publishes update to the ‘Reporting through goAML’ guidance document
On the 19th July 2022 the FIAU issued an update to the ‘Reporting through goAML’ guidance document, originally published in January 2021.
The update provides subject persons with further clarifications in relation to their reporting obligations, primarily with regard to the reporting of dealings with natural or legal persons linked to Iran. Furthermore, the document highlights the different types of reports available and aims to assist subject persons in determining which type of report needs to be submitted in different circumstances.
The document reiterates that subject persons should be cautious when determining whether a natural or legal person has ties to a particular jurisdiction and stresses that standalone personal links, such as one’s citizenship or place of birth, if not coupled with other factors, should not equate to an ‘established’ link. Therefore, in such cases, the reporting obligations under Regulation 11(10) and (11) of the Prevention of Money Laundering and Funding of Terrorism Regulations would not apply. When dealing with transactions from Iran, an FATF ‘Category 1’ jurisdiction to which countermeasures must be applied, the obligation to notify the FIAU applies irrespective of whether there is a suspicion of money laundering, funding of terrorism or proceeds of crime. In addition, the guidance document informs subject persons that the newly introduced report indicator ‘high-risk jurisdiction subject to a call for action’ must be selected in conjunction with any other relevant indicators when reporting through goAML.
The document also provides a list of the different types of reports available on goAML, namely the STR, SAR, PEPR, PEPTR, TFR, TFTR, AIF and TRN, along with a number of case studies as examples to be followed. The categorisation of such reports has been crucial for the FIAU to be able to respond to requests for information it receives to provide statistical information, as well as to improve on its outreach initiatives. In addition, the guidance also provides best practices to be adopted by subject persons when submitting reports in line with Regulation 15(4). Lastly, the document provides further clarification and examples in relation to XML uploads, with focus on specific criteria and field types available through goAML.
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