Download - Anti-Money Laundering Seminar 2016 (Banking Sector) · 2019. 5. 21. · Anti-Money Laundering Seminar 2016 (Banking Sector) @Hong Kong Police Force for ... Dissemination of Financial

Joint Financial Intelligence Unit

Edwin CHOW

Head of JFIU, Hong Kong

Anti-Money Laundering Seminar 2016 (Banking Sector)

September 2016

@Hong Kong Police Force for Training Purpose Only

香港警務處版權所有只

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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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vv Overview of STR Situation

v STR Observation

v Food For Thought



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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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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%)




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31,095 34,959

49,505

401 4951 31 33 186981,051

27,238

19,20217,194

341 574446204 3228 7721,0951,5741,410470 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




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SSTTRR OOvveerrvviiewew



作培訓用途MMeeananss ooff SSTTRR SSububmmisissisioonn bbyy BBananksks

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)



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)




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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


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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� 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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� 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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� 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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Thank You Website: www.jfiu.gov.hk

Telephone: (852) 2866 3366 Email: [email protected]



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http://www.jfiu.gov.hk

mailto:[email protected]

Download - Anti-Money Laundering Seminar 2016 (Banking Sector) · 2019. 5. 21. · Anti-Money Laundering Seminar 2016 (Banking Sector) @Hong Kong Police Force for ... Dissemination of Financial

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