{"id":25308,"date":"2013-05-16T14:32:15","date_gmt":"2013-05-16T09:02:15","guid":{"rendered":"http:\/\/vskills.in\/certification\/tutorial\/?p=25308"},"modified":"2024-04-12T14:18:08","modified_gmt":"2024-04-12T08:48:08","slug":"suspicious-transaction-report-str","status":"publish","type":"page","link":"https:\/\/www.vskills.in\/certification\/tutorial\/suspicious-transaction-report-str\/","title":{"rendered":"AML-KYC Tutorial | Suspicious Transaction Report (STR)"},"content":{"rendered":"\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"750\" height=\"400\" src=\"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2020\/12\/Introduction-to-Money-Laundering-22.png\" alt=\"Suspicious Transaction Report (STR) module details\" class=\"wp-image-91721\" srcset=\"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2020\/12\/Introduction-to-Money-Laundering-22.png 750w, https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2020\/12\/Introduction-to-Money-Laundering-22-300x160.png 300w\" sizes=\"auto, (max-width: 750px) 100vw, 750px\" \/><\/figure><\/div>\n\n\n<p>\u00a0<\/p>\n<h2><strong>Suspicious Transaction Report (STR)<\/strong><\/h2>\n<p>Let&#8217;s learn about why it is important to earn knowledge about the Suspicious Transaction Report. Every banking company, financial institution, and intermediary shall furnish to FIU information of all suspicious transactions whether or not made in cash.<\/p>\n<p>Suspicions transaction means a transaction including an attempted transaction, whether or not made in cash which, to a person acting in good faith &#8211;<br \/>(a) gives rise to a reasonable ground of suspicion that it may involve proceeds of an offence specified in the Schedule to the Act, regardless of the value involved; or<br \/>(b) appears to be made in circumstances of unusual or unjustified complexity; or<br \/>(c)\u00a0 appears to have no economic rationale or bonafide purpose; or<br \/>(d)\u00a0 gives\u00a0 rise\u00a0 to\u00a0 a\u00a0 reasonable\u00a0 ground\u00a0 of\u00a0 suspicion\u00a0 that\u00a0 it may involve financing of the activities relating to terrorism;<\/p>\n<p>Broad categories of reason for suspicion and examples of suspicious transactions for a banking company are indicated as under:<\/p>\n<p><strong>Identity of client<\/strong><br \/>&#8211;\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 False identification documents<br \/>&#8211;\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Identification documents which could not be verified within <strong>reasonable time<\/strong><br \/>&#8211;\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Accounts opened with names very close to other established business entities<br \/><strong>Background of client<\/strong><br \/>&#8211;\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Suspicious background\u00a0 or links with known criminals<br \/><strong>Multiple accounts<\/strong><br \/>&#8211;\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Large number of accounts having a common account holder, introducer or authorized signatory with no rationale<br \/>&#8211;\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Unexplained transfers between multiple accounts with no rationale<br \/><strong>Activity in accounts<\/strong><br \/>&#8211;\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Unusual activity compared with past transactions<br \/>&#8211;\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Sudden activity in dormant accounts<br \/>&#8211;\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Activity inconsistent with what would be expected from declared business<br \/><strong>Nature of transactions<\/strong><br \/>&#8211;\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Unusual or unjustified complexity<br \/>&#8211;\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 No economic rationale or bonafide purpose<br \/>&#8211;\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Frequent purchases of drafts or other negotiable instruments with <strong>cash<\/strong><br \/>&#8211;\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Nature of transactions inconsistent with what would be expected from declared business<\/p>\n<h3>\u00a0<\/h3>\n<p><a href=\"https:\/\/www.vskills.in\/practice\/aml-kyc\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-91326 size-full\" title=\"AML KYC Vskills\" src=\"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2020\/12\/Certified-Corporate-Governance-Professional-1.png\" alt=\"AML-KYC Compliance officer free practice test\" width=\"960\" height=\"150\" srcset=\"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2020\/12\/Certified-Corporate-Governance-Professional-1.png 960w, https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2020\/12\/Certified-Corporate-Governance-Professional-1-300x47.png 300w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><\/a><\/p>\n\n\n<p><a href=\"https:\/\/www.vskills.in\/certification\/tutorial\/aml-kyc\/\" target=\"_blank\" rel=\"noreferrer noopener\">Go back to Tutorial<\/a>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <a href=\"https:\/\/www.vskills.in\/certification\/Certified-AML-KYC-Compliance-Officer\" target=\"_blank\" rel=\"noreferrer noopener\">Go to Home Page<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u00a0 Suspicious Transaction Report (STR) Let&#8217;s learn about why it is important to earn knowledge about the Suspicious Transaction Report. Every banking company, financial institution, and intermediary shall furnish to FIU information of all suspicious transactions whether or not made in cash. Suspicions transaction means a transaction including an attempted transaction, whether or not made&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"categories":[3356],"tags":[6068,6069,6071,6065,6073,6072,6070,6066,71,6067,3589,6109,6108,4326,6074],"class_list":["post-25308","page","type-page","status-publish","hentry","category-aml-kyc-2","tag-aml-certification","tag-aml-kyc-certificate","tag-aml-kyc-certificate-online","tag-aml-kyc-certification","tag-aml-kyc-course","tag-aml-kyc-in-india","tag-anti-money-laundering-certificate","tag-anti-money-laundering-certification","tag-certification","tag-compliance-certification","tag-online-certification","tag-str","tag-suspicious-transaction-report","tag-suspicious-transaction-report-str","tag-vskills-certification"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>AML-KYC Tutorial | Suspicious Transaction Report (STR)<\/title>\n<meta name=\"description\" content=\"Enrich your profile with expert tutorials on the Suspicious Transaction Report (STR). 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