Guernsey: Suspicious Transaction Reporting: Feedback and Typologies 2008-2011


The Financial Intelligence Service (FIS) last disseminated feedback in 2010 on suspicious transaction report (STR) information to industry either itself or in association with the Guernsey Financial Services Commission and others.
This report complements previous feedback and should help to assist all sectors of industry in undertaking their responsibilities by providing analysed STR data together with relevant typologies.

Suspicious Transaction Reports
During the period 2008 – 2010 STR submissions to the FIS had maintained a consistent flow, However we saw a massive change in reporting for 2011 with an increase of 69% from 2010, which is reflected in the substantial increases seen in nearly all grounds categories. There was a 63% increase in the amount of fraud related disclosures which was as a result of the EU tax reporting directive  which took place during 2011. The increase could also be attributed, in part (5%), to the way in which duplicate disclosures have been placed on the system for the same suspicion they reported on in the first place. This initially was a teething issue with the online reporting system and the MLRO’s, but when it has been encountered has been dealt with.

Direct link to the report : here