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Article (42)

IA-BOD-RES 10/2019

In the course of performing its duties as regards suspicious transaction reports, the Unit shall have competence to carry out the following:

  1. Receive, study and analyse reports from Financial Institutions, Designated Non-Financial Businesses and Virtual Asset Service Providers according to the models approved thereby, and save the same in its database.
     
  2. Request Financial Institutions, Designated Non-Financial Businesses, Virtual Asset Service Providers and the Competent Authorities to provide it with any additional information or documents relating to the reports and information it has received and other information it deems necessary for the performance of its functions, including information on customs reforms, on the date and the form specified by the Unit.
     
  3. Analyse reports and information available thereto as follows:
     
    1. Conduct an operational analysis using available information and data that can be obtained to identify specific targets such as persons, money or criminal networks, track the course of specific activities or Operations, and identify linkages between these objectives, activities or Operations and the potential Proceeds of the Crime.
       
    2. Conduct a strategic analysis using available information and information that can be obtained, including data provided by the Competent Authorities, to identify the trends and patterns of the Crime.
       
  4. Providing Financial Institutions, Designated Non-Financial Businesses and Professions and Virtual Asset Service Providers with the results of the analysis of the information provided on the reports received by the Unit, in order to enhance the effectiveness of the implementation of procedures to confront crime and detect suspicious transactions.
     
  5. Cooperating and coordinating with the Supervisory Authorities by referring the results of the analyzes they conduct related to the quality of the received reports, in order to ensure the compliance of Financial Institutions, Designated Non-Financial Businesses and Professions, and Virtual Asset Service Providers with the procedures for confronting crime.
     
  6. Refer the data related to the reports and the results of the analysis it conducts and other relevant information to Law Enforcement Authorities, when there are sufficient grounds to suspect their connection with the Crime, so as to take the necessary action in their respect.
     
  7. Provide judicial and Law Enforcement Authorities with Crime-related information and other information that they can be obtain from Financial Intelligence Units in other countries automatically or upon request.
     
This article has been amended by Cabinet Resolution No. (24) of 2022. You are viewing the latest version. To view the previous version, click the version box below.
Version 1(effective from 10/02/2019 to 01/04/2022)

 

The FIU shall be responsible for carrying out its duties with regards to STRs as follows:

  1. Receiving STRs relating to the Crime from Financial Institutions and DNFBPs on the FIU’s approved templates, then studying, analysing and storing them in its database.
     
  2. Requesting Financial Institutions, DNFBPs, and Competent Authorities to provide any additional information and documents relating to the STRs and information received, and any other information that it might deem necessary to perform its duties, including information relating to customs’ disclosures, in the time and form specified by the FIU
     
  3. Analysing available reports and information as follows:
     
    1. Operational analysis by using available and obtainable information, to identify specific targets, such as persons, funds, or criminal networks, track activities or specific Transactions, and determine the links between those targets, activities or transactions and potential proceeds of the Crime.
       
    2. Strategic analysis by using available and obtainable information, including data provided by Competent Authorities, to identify trends and patterns of the Crime.
       
  4. Providing the Financial Institutions and DNFBPs with the analysis results of the information provided in the reports received by the FIU in order to enhance the effectiveness of the measures for combating the Crime and detecting STRs.
     
  5. Cooperating and coordinating with the Supervisory Authorities by disseminating the outcomes of its own analysis, specifically with respect to the quality of STRs, to ensure the compliance of Financial Institutions and DNFBPs with the procedures for combating the Crime
     
  6. Sending the data relating to the reports, the outcomes of its analyses and any other relevant data to Law Enforcement Authorities, when there are sufficient grounds to suspect its connection to the Crime, to take required actions in that regard.
     
  7. Providing to judiciary authorities and Law Enforcement Authorities information related to the Crime and information it can obtain from foreign FIUs, spontaneously or upon request.