Bahama Times

Tuesday, Oct 26, 2021

AMLC wants owners of suspicious accounts disclosed

AMLC wants owners of suspicious accounts disclosed

The Anti-Money Laundering Council (AMLC) has ordered banks and other financial institutions to include in their suspicious transaction reports (STRs) the identities of the beneficial owners or account holders as the country continues to ramp up its fight against money laundering and terrorist financing.
In an advisory, the country’s sole financial intelligence unit said all covered persons under Republic Act 9160 or the Anti-Money Laundering Act (AMLA) of 2001 as amended are required to submit STRs.

“STRs must be complete, accurate, and timely as they are vital sources of financial intelligence and are essential in the investigation and prosecution of money laundering, terrorism financing, and other related cases or crimes,” AMLC said.
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