What Happens After You Submit a Suspicious Transaction Report?
When it comes to AML compliance, submitting a Suspicious Transaction Report (STR) to FINTRAC is just the beginning, not the end.
In this short video presentation, Divya Bhaktha from Outlier Compliance Group breaks down exactly what you need to do after an STR is filed, and the consequences if you don’t follow-up correctly.
Reference Links
Public notice of administrative monetary penalties
Reporting suspicious transactions to FINTRAC
Guide on harm done assessment for suspicious transaction reports violations (section 2.3.4)
Need help navigating STR obligations? Email us at info@outliercanada.com or get in touch here.