When must a suspicious activity report be filed?

When must I report a suspicion of money laundering?

If there are facts indicating money laundering or terrorist financing, the suspicion must be reported immediately. The threshold for a suspicious activity report is quickly reached. It is sufficient if the business relationship appears unusual or conspicuous compared to standard transactions. You do not need to be certain that a criminal offence or any other illegal activity has occurred.

A suspicious activity report must also be filed if there are issues identifying the beneficial owner or if the customer fails to comply with disclosure obligations regarding beneficial ownership.

Where must I report a suspicion of money laundering or terrorist financing?

Suspicious activity reports must be submitted to the Financial Intelligence Unit (FIU) via the electronic reporting portal goAML.

What must I observe after filing a suspicious activity report?

Once a report has been submitted, the transaction may not be executed – unless postponing it would obstruct the investigation of a potential criminal offence. The transaction may only proceed after receiving consent from the FIU or the public prosecutor’s office, or after the expiry of three working days following the report, provided no prohibition has been issued by the FIU or the prosecutor.

Furthermore, neither the customer nor any third party may be informed of the report. The potential perpetrator must not be alerted.