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The primary role of the FIU is to receive and analyze Suspicious Activity Reports (SARs) from financial institutions and other reporting organizations. These reports are submitted when a financial institution identifies a potential money laundering or terrorist financing risk in a customer's transaction.

The Proceeds of Crime Act (POCA) and the Anti -Terrorism Act (the ATA) require that a STR/SAR be made to the FIU by Reporting Entities when they know or have reasonable grounds for suspicion of Money Laundering or Financing of Terrorism.

What is an FIU –– the Egmont Definition. “A financial intelligence unit” (FIU) is a central, national agency.

Banks may monitor for structuring activity as it is often associated with money laundering. Unusual or Unexplained Transactions: Transactions that are inconsistent with a customer's known financial profile or that lack a clear business purpose may be considered suspicious by banks.

Dollar Amount Thresholds – Banks are required to file a SAR in the following circumstances: insider abuse involving any amount; transactions aggregating $5,000 or more where a suspect can be identified; transactions aggregating $25,000 or more regardless of potential suspects; and transactions aggregating $5,000 or ...

A STR must be submitted to the FIU electronically. Electronic reporting of suspicious transactions with the FIU is done via the goAML Web platform, which is an integrated IT application developed by the United Nations Office on Drugs and Crime (UNODC) and used by FIUs around the world.

A financial institution is required to file a suspicious activity report no later than 30 calendar days after the date of initial detection of facts that may constitute a basis for filing a suspicious activity report.

Financial institutions wishing voluntarily to report suspicious transactions that may relate to terrorist activity may call FinCEN's Financial Institutions Hotline at 1-866-556-3974 in addition to filing timely a FinCEN SAR.