REPORTING SUSPICIOUS TRANSACTION REPORT (STR) / SUSPICIOUS ACTIVITY REPORT (SAR)

Suspicious transactions are defined under UAE Federal Law No. (4) of 2002 and Cabinet Resolution No. (38) of 2014. Reporting these transactions are mandatory under the Federal Law and ADGM AML Rules.

Chapter (14) of ADGM AML Rules specify the requirements and conditions of reporting suspicious activities/transactions.

Reporting such activities/transactions assist Financial Intelligence Department, other governments’ agencies and regulators to understand more the ML/TF risks, and identify the new methodologies and trends in committing the crimes. It also demonstrate the effectiveness of AML/CFT systems in the country and controls adopted by financial institutions and DNFBPs.

For more details, please click on Submitting STR/SAR.