Business: Report suspicion of money laundering to the Financial Intelligence Centre

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SPONSORED | Businesses can help SA’s fight against financial crime

An STR must be filed when the business knows or suspects it has received or is about to receive the proceeds of crime or which is related to terrorist activity. This includes when the business knows or suspects an activity or transaction:elates to the offence of financing of terrorist and related activities;

The person filing the STR does not have to prove that the funds involved in the transaction are linked to a crime. The report can be based on a suspicion. There is also no monetary limit or threshold that is applicable in filing an STR. Where there is suspicion or knowledge, the transaction or activity must be reported irrespective of the amount involved.

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