The Criminal Justice (Money Laundering/Terrorist Financing) Act 2010 as amended, sets out the obligations on designated persons in relation to suspicious transaction reporting. Designated persons are obliged to make suspicious transactions reports (STRs) to both the Financial Intelligence Unit (FIU) and Revenue if they know, suspect, or have grounds to suspect that a client has been or is engaged in money laundering or terrorist financing.
In order to make a report to the FIU designated persons must first register with Go AML at this link.
From 7th September 2020, Revenue has introduced changes on how STRs are submitted. Designated persons will be required to submit all STRs to Revenue, using Revenue‘s Online Service (ROS). Revenue will no longer accept hard copy (paper) STRs from that date onwards.
See some guidance below on this new process.
Designated persons are required to submit STRs to both the FIU and Revenue as dual reporting will remain a requirement.