AML/CFT Essentials: STR Tips, Obligations and Processes (TOP) - Compliance

Suspicious Transaction Report (STR) reporting is a key element in a financial institution’s Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) risk management framework and is an important part of the regulator’s requirements in combatting financial crime in Malaysia.

This one-day programme will equip participants with a better understanding of the relevant regulatory requirements as well as provide them with additional skills in identifying red flags from customer transactions/behaviours. Additionally, participants will also be able to enhance their STR writing skills to ensure a better quality STR submission to the Money Laundering Reporting Officer (MLRO) function and subsequently to regulators.

Programme Outline

Learning Objectives

By the end of the programme, participants will be able to:

Gain the skills to craft good quality STR submissions
Identify red flags that will lead to STR reporting
Enhance their ability in writing higher quality STRs to MLRO for onward submission to the regulator
Better manage regulator expectations by understanding the reporting obligations of a financial institution as well as regulator expectations in STR reporting

Programme Outline

STR Fundamentals Overview
Introduction to the STR process
Detection of potentially suspicious transactions
Systems-based
Manual
First-level documentation and justification
Second-level review and strengthening of documentation
Submission to MLRO

Role of Transaction Monitoring Systems
Threshold monitoring
Unusual activity monitoring
Watchlist screening

Red Flags identification
Pattern detection
Out-of-pattern transactions
Transaction anomalies
Writing Tips
Best Practices in STR writing
Knowing where to look and what to find
The 5Ws and 1H
Understanding requirements
Provide context
Review and verify

Case Study
Analyse a sample case
Select key points required to make a rational decision
Structure the storyboard with relevant justifications
Compose a thorough introduction
Close with a strong conclusion
STR Obligations
Regulatory requirements
Learn to observe reporting guidelines
Staff training requirements
Maintaining audit trails

Regulator expectations
Strong internal policies and guidance
Detailed, accurate, and timely reporting

METHODOLOGY

Lectures including presentations, case studies, and discussions

Participant profile

Middle to senior-level executives from the Compliance division and Business Units / Channels / Branches who require skills in detecting suspicious transactions via red flags, raise STR and submit to the MLRO for review and onward submission to the regulator

Trainer

John Cheah

Training Consultant, Asian Banking School

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John Cheah

Training Consultant, Asian Banking School

John Cheah has 24 years of working experience with a career that spanned being at an international consultancy and 3 foreign banks. He spent 4 years in external audit and 20 years in banking, where he specialised in Anti-Money Laundering and Counter Terrorism Financing (AML/CFT). His audit experience included performing internal and external audits at various types of companies, especially at insurance firms.

His banking career saw him covering multiple roles within the AML/CFT Compliance function. This included policy advisory, transaction monitoring, suspicious transaction reporting, procedures development and other related areas. He spent the last 10 years of his career developing and enhancing the AML/CFT framework of a commercial bank, which included pioneering an AML/CFT review team, designing AML/CFT risk assessments for branches and the entity, as well as running the bank’s AML/CFT training programme for all segments within the organisation.

John has a Bachelor’s degree in Accounting and Finance from the University of London and was an ACCA member. He moved into the space of Financial Crime Compliance soon after and has been a certified member of the Association of Anti-Money Laundering Specialists (ACAMS) since 2011. He also holds the Advanced Diploma in AML/CFT issued jointly by the Asian Institute of Chartered Bankers and International Compliance Association. John is also a HRD Corp certified trainer.