4 Reporting Obligations
4.1 Daily Reporting
Under Article 4 of Circular No. 24/2019, RHP are required on a daily basis to upload electronically to the CBUAE, via its Remittance Reporting System (``RRS'') and/or other applicable system, the data and details of all transfers, remitters and beneficiaries as per the forms prepared by the CBUAE for this purpose.
4.2 Quarterly Settlement Statements
Under Article 4 of Circular No. 24/2019, RHP should submit to the CBUAE statements of their settlement accounts on a quarterly basis along with other required forms, as well as provide the CBUAE with any data, information, or statistics it may require at any time and for any specific period.
4.3 Reporting Suspicious Transactions and Registration to GoAML
RHP must monitor transactions that they carry out to identify those that may be suspicious and where a Suspicious Transaction Report (``STR''), or suspicious activity report ("SAR") or other report types may need to be filed with the FIU. Monitoring begins at the CDD stage, but does not end there. RHP must keep records of customer activity so that they can examine it to identify patterns over time that may be cause concern. RHP must take into account all information available, including regarding the originator and beneficiary(ies) of a transaction, in order to determine whether an STR is to be filed.
Situations in which it may be necessary to file an STR/ SAR include:
• A customer begins the CDD process, but cancels the transaction and leaves when he discovers the information that the RHP is required to collect.
• The RHP completes CDD on a customer, but still has doubts as to whether the transaction was legitimate or whether the customer's stated reason for the transaction was the true one.
• A customer carries out transactions larger than his stated income without providing a valid justification.
• A natural person customer regularly orders transactions just below the AED 55,000 threshold for when EDD is required (i.e. either tied to the threshold or if there are other risk factors that may trigger EDD).
• Multiple customers send money to, or receive money from, the same person, and there is no clear connection between the customers.
• The RHP suspects that a customer is carrying out transactions that are disallowed under Part I, section 4.1 of this guidance.
Under Article 15 of the AML-CFT Law and Article 17 of the AML-CFT Decision, if the RHP suspects that a transaction, attempted transaction, activity, or funds (including agents' transactions), constitute, in whole or in part, regardless of the amount, the proceeds of crime, are related to a crime, or are intended to be used in a crime, they must submit an STR, SAR or other report types to the FIU using the ``goAML'' portal. RHP must submit this report without delay, meaning as soon as reasonably possible after the transaction takes place or their suspicions develop. All RHP must register with the goAML portal so that they can easily file these reports.
Reporting a suspicious transaction is not an admission of guilt or wrongdoing. STRs filed by RHP help law enforcement authorities identify and track potential criminal behaviour. As long as the RHP complies with the procedures in this guidance document, it will not generally be held responsible for a transaction that turns out to have been involved in a crime. But a failure to report a transaction that an RHP should know to be suspicious can result in penalties.
For more detail and information, please refer to the ``CBUAE Guidance for Licensed Financial Institutions on Suspicious Transaction Reporting.''