CAMLI Video Archive - Reporting STRs: Making Good Decisions to Avoid Possible Penalties

CAMLI video archive — original broadcast September 13, 2022

A practical look at the STR decision-making process, drawing on case studies and real-world examples to help reporting entities avoid the penalties that follow poor or missing suspicious transaction reporting.

Original broadcast

Tuesday, September 13, 2022

Cost

$200 + applicable tax
CAMLI members receive a savings of $25 on the above pricing.

Presenter

Angelo Coppola — Globex 2000 Financial Services, Inc., Montreal, QC

About this seminar

There has been a recent uptick in the number of Administrative Monetary Penalties (AMPs) issued by FINTRAC that have included citations for poor or missing suspicious transaction reporting. Given STRs provide FINTRAC with critical intelligence it relies on to assist with its analysis of financial transactions across all reporting sectors, undertaking the STR decision-making process correctly and effectively is crucial.

Penalties of this type suggest potential weaknesses in this process, which can be attributed to a variety of factors, including human error and ineffective software. Too often, the blame for these deficiencies is placed on a couple of usual suspects: not recognizing red flags or a lack of resources to do the job. When one looks at missed or inadequate STR reporting, however, the problems often have everything to do with the skills and mindset of those tasked with the job.

The goal of this webcast seminar is to focus on the practicalities of case studies and real-world examples drawn from the presenter’s extensive experience in anti-money laundering.