Suspicious Transaction Reports (STRs)

U.S. Senators introduce the ‘Streamline Act’ to modernise the BSA, proposing to raise CTR thresholds from $10K to $30K and adjusting STR thresholds from $2K–$5K to $3K–$10K

by Jyotsna Bucktowar | Oct 21, 2025

The bill, marking the first major change since 1970, also proposes reviewing reporting forms to reduce redundancy and improve automation. Supporters, including major banking groups, argue the reforms will cut unnecessary paperwork, allow banks to focus on meaningful...

FINTRAC imposes CAD264,000 fine on Spence Diamonds Ltd. for AML/CTF compliance failures, including missing STRs, policies, risk assessments, staff training, and reviews

by Jyotsna Bucktowar | Sep 23, 2025

The violations include failing to file suspicious transaction reports, lacking updated written compliance policies and procedures, not conducting or documenting a risk assessment, failing to maintain a compliance training program, and not performing required...

Reuters: Switzerland fines Credit Suisse’s former Chief Compliance Officer CHF100K for failing to report a suspicious $7.9m transaction linked to Mozambique’s ‘tuna bond’ scandal

by Jyotsna Bucktowar | Mar 19, 2025

This scandal, involving over $1.5 billion, led to a financial crisis in Mozambique. Warner, who served at Credit Suisse from 2015 to 2021, is contesting the fine, stating that the decision not to file a money laundering report was not hers. Credit Suisse, acquired by...

FINTRAC updates its guidance on how to report suspected sanctions evasion in a Suspicious Transaction Report

by Jyotsna Bucktowar | Sep 1, 2024

This guidance explains the requirement to report suspicious transactions to FINTRAC…

Wolfsberg Group issues statement on effective monitoring for suspicious activity

by AdrianaAMLP | Jul 3, 2024

The Group does not believe that the value being derived from the (constantly increasing) volume of SARs/STRs is contributing proportionately to effective outcomes in the fight against financial crime.

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U.S. Senators introduce the ‘Streamline Act’ to modernise the BSA, proposing to raise CTR thresholds from $10K to $30K and adjusting STR thresholds from $2K–$5K to $3K–$10K

FINTRAC imposes CAD264,000 fine on Spence Diamonds Ltd. for AML/CTF compliance failures, including missing STRs, policies, risk assessments, staff training, and reviews

Reuters: Switzerland fines Credit Suisse’s former Chief Compliance Officer CHF100K for failing to report a suspicious $7.9m transaction linked to Mozambique’s ‘tuna bond’ scandal

FINTRAC updates its guidance on how to report suspected sanctions evasion in a Suspicious Transaction Report

Wolfsberg Group issues statement on effective monitoring for suspicious activity

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