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  • Joint Financial Intelligence Unit

    Edwin CHOW

    Head of JFIU, Hong Kong

    Anti-Money Laundering Seminar 2016 (Banking Sector)

    September 2016

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  • Joint Financial Intelligence Unit

    Important Notice All rights, including copyright, in this PowerPoint file are owned and reserved by the Hong Kong Police Force. Unless prior permission in writing is given by the Commissioner of Police, you may not use the materials other than for your personal learning and in the course of your official duty.

    重要告示

    香港警務處持有並保留本簡報檔案包括版權在內的所有權益。除預

    先獲得警務處處長書面許可外,本簡報檔案只可用作個人學習及處

    理公務上用途。

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  • Joint Financial Intelligence Unit

    vv Overview of STR Situation

    v STR Observation

    v Food For Thought

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  • Joint Financial Intelligence Unit

    20,287 23,282

    32,907 37,188

    42,555 54,572

    2011 2012 2013 2014 2015 2016

    No. of STRs

    Financial Institutions

    (Forecast 2016)70,000+

    (as at 31 Aug 2016)

    No. ofNo. of STRsSTRs Received from 2011 to 2016Received from 2011 to 2016

    STR OverviewSTR Overview

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  • Joint Financial Intelligence Unit

    No. ofNo. of STRsSTRs Filed by Banks from 2011 to 2016Filed by Banks from 2011 to 2016

    31,095 34,959

    49,505

    5,579

    7,596

    27,328 19,20217,194

    4,080

    5,067

    6,093

    3,093

    2011 2012 2013 2014 2015 2016

    Others

    Banks

    (as at 31 Aug 2016)

    (83.6%) (82.2%) (90.7%)(83.0%) (82.5%)(84.8%)

    STR OverviewSTR Overview

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  • Joint Financial Intelligence Unit

    31,095 34,959

    49,505

    401 4951 31 33 186981,051

    27,238

    19,20217,194

    341 574446204 3228 772 1,0951,5741,410470 1,171

    2,108 1,7843,5662,772

    2011 2012 2013 2014 2015 2016

    Banks Insurance Companies Money Lenders Securities MSOs

    (as at 31 Aug 2016)

    No. ofNo. of STRsSTRs Filed by Financial Sector from 2011 to 2016Filed by Financial Sector from 2011 to 2016

    STR OverviewSTR Overview

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  • SSTTRR OOvveerrvviiewew

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    Manual Submission Manual Submission 703 (2.0%) 788 (1.6%)

    Electronic Submission 34,256 (98.0%)

    Electronic Submission 48,717 (98.4%)

    2015 2016 (as at 31 Aug 2016)

    Joint Financial Intelligence Unit

  • Joint Financial Intelligence Unit

    Dissemination of Financial Intelligence in 2015 and 2016Dissemination of Financial Intelligence in 2015 and 2016

    2015

    Regulator 1%

    Police 74%

    Other LEA 21%Other LEA 21%

    Overseas LEA / FIU 4%

    Regulator 1%

    Police 78% Other LEA 18%Other LEA 18%

    Overseas LEA / FIU 3%

    2016 (as at 31 Aug 2016)

    STR OverviewSTR Overview

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  • GGeenneerraall OObbsseerrvvatatiioonn oonn SSTTRR SubSubmimissssiionon

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    • Detailed background

    on subject entity

    • Standardized Format / Structure

    • Quote of open source reference

    • Information overflow

    • Multiple Reporting of

    entities in one STR

    • Defensive Reporting

    Joint Financial Intelligence Unit

  • WhWhaatt JJFFIIUU eexxppeeccttss ffrroomm aann SSTTR?R?

    � ‘Concise and Precise’ information in the field of ‘Suspected Crime’ or ‘Suspected Indicator’

    • Undesirable to simply write, ’Please refer to the attached STR Report….’ ‘Please refer to the word file attachment for narrative comment’…etc.

    • A gist/summary of the report should be included…What, Who, Why, When, How.

    • Confusion about the ‘main’ subject of the report. Separate STR should be filed on other entities.

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    Joint Financial Intelligence Unit

  • WhWhaatt JJFFIIUU eexxppeeccttss ffrroomm aann SSTTR?R?

    � Well-structured with clear format

    • A consistent format is preferably for the same reporting entity

    • Use of headings, i.e. Triggering Event, Background, Transaction history, KYC/CDD enquiries, Way Forward/Conclusion…etc.

    • Keep it short and avoid lengthy report

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  • WhWhaatt JJFFIIUU eexxppeeccttss ffrroomm aann SSTTR?R?

    � Attachment should be kept to minimum

    • Essential and relevant document are welcome such as transaction records, bank statements, opening mandates…etc.

    • Open source document are not required unless it forms the basis of the report

    • File names should be self-explanatory

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    Joint Financial Intelligence Unit

  • WhWhaatt JJFFIIUU eexxppeeccttss ffrroomm aann SSTTR?R?

    � SAFE Approach should be adopted

    • Suspicion should not be a flimsy allegation, e.g. ‘deviate from normal customer/business practices’, ‘large transaction incommensurate with customer profile’

    • ‘Transaction’ is not the only source of suspicion

    • Do not report solely based on transaction monitoring system

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  • FFoooodd FFoorr TThhoouugghtht

    � How to maintain an ‘effective’ STR Regime ?

    • Quantity vs Quality ?

    • IT Upgrade ? Workflow Re-engineering ? Manpower ?

    • Feedback for Operational Outcomes ?

    • Sharing of information / intelligence ? Legislation support ?

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    Joint Financial Intelligence Unit

  • Joint Financial Intelligence Unit

    Thank You Website: www.jfiu.gov.hk

    Telephone: (852) 2866 3366 Email: jfiu@police.gov.hk

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    http://www.jfiu.gov.hk mailto:jfiu@police.gov.hk

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