In accordance with the Section 5 of the AML/CFT Act, 2020 (the “Act”), a Reporting Entity which executes a cash transaction or wire transfer of SCR 50,000 or more (or equivalent amount in the currency of other countries) is obligated to submit the relevant report to the Financial Intelligence Unit (the “FIU”) as per the issued Guidelines.
Submission of Wire Transfer Threshold Report (WTTR):
- If a Financial Institution executes wire transfers of SCR 50,000 or more (or equivalent amount in the currency of other countries), are obligated to submit a WTTR to the FIU as per the guidelines issued by the FIU
- If a Securities Dealer does not execute the wire transfer and it is done via another financial institution (i.e. bank) then the Securities Dealer does not have an obligation to report the wire transfer to the FIU
Guidelines for submission of Cash Transaction Threshold Report (CTTR):
- The Reporting Entity shall report each transaction that is carried out by or through it involving cash transactions of SCR 50,000 or more (or equivalent amount in the currency of other countries) to the FIU as per the guidelines issued by the FIU
The submission shall commence on the 1st of December 2020 and shall be made using the prescribed forms which are available on the FIU website, and will include retrospective cash transactions or wire transfers that have been effected on or after the 1st of September, 2020.