From 1 November 2017 reporting entities must submit prescribed transaction reports (PTR) to the Financial Intelligence Unit (FIU) at the Police.
The Anti-Money Laundering and Countering Financing of Terrorism (Prescribed Transactions Reporting) Regulations 2016 specify the following threshold values for the two types of prescribed transaction:
In the case of an international wire transfer, the first reporting entity to transfer funds, and the last reporting entity to receive funds, must do a PTR. We expect that a reporting entity that receives and/or passes on instructions from a client to do an international wire transfer, but does not actually transfer the funds, is not required to do a PTR. This means that international wire transfers carried out by a bank on behalf of another reporting entity will be reportable by the bank.
If an international wire transfer is settled outside the banking system (for example if a reporting entity carries out a transaction on behalf of a client and as a result money is made available to a beneficiary at another entity in another jurisdiction) the reporting entity must submit a PTR.
Automated reporting applies to those entities submitting PTRs through the FIU xml schema. To ensure smooth implementation of automated reporting a transitional compliance period will apply until 1 July 2018. REs submitting automated reports are expected to provide PTRs as soon as they are able from 1 November 2017. However, REs will not be considered non-compliant prior to the end of the transitional compliance period (1 July 2018).
Manually reporting applies to entities submitting reports one-by-one into the goAML web tool. REs submitting PTRs manually to the FIU are expected to report from 1 November 2017.
PTRs will be used by FIU to help build an intelligence picture across the financial system. Please refer to the FIU website for more information. If you have any further questions please email us at firstname.lastname@example.org