File a Report

What is a suspicious transaction?
Suspicious transactions are financial transactions in which there are reasonable grounds to suspect the transactions are related to the proceeds of criminal conduct as defined in the PCL. While the types of transactions, which may be used by a money launderer, are almost unlimited, a suspicious transaction will often be one, which is inconsistent with a customer’s known, legitimate business or personal activities or with the normal business for that type of facility. Therefore, the first key to recognition is knowing enough about the customer’s business to recognise that a transaction, or series of transactions, is unusual.
 
 
What is money laundering?
Money laundering is the process by which criminals attempt to conceal the true origin and ownership of the proceeds of their criminal activities. If undertaken successfully, it also allows them to maintain control over those proceeds and, ultimately, to provide a legitimate cover for their source of income. Despite the variety of methods employed, the laundering process is accomplished in three stages, which may comprise numerous transactions, by the launderers. The three stages are as follow:
 
a) Placement – the physical placement of cash proceeds derived from illegal activity.
 
b) Layering – separating illicit proceeds from their source by creating complex layers of financial transactions designed to disguise the audit trail and provide anonymity.

c) Integration – the provision of apparent legitimacy to criminally derived wealth. If the layering process has succeeded, integration schemes place the laundered proceeds back into the economy in such a way that they re-enter the financial system appearing as normal business funds.
 
 
What is a suspicious transaction report?
Suspicious Activity Reports (SARs) are the FRAs most important source of information. Many individuals launder money to conceal illegal activity, such as drug trafficking, fraud, illegal firearms sales, and even terrorism. It fuels criminal conduct, allowing drug dealers, smugglers, terrorists, and arms dealers to maintain control over their proceeds and ultimately to provide a legitimate cover for their sources of income.  The new PCL has made all criminal offences predicate offences for money laundering purposes.
  
 
When do I submit an SAR to the FRA?
A SAR should be made as soon as the knowledge or suspicion that criminal proceeds exist has arisen or at the earliest opportunity thereafter.
 
 
How do I submit my suspicions to the FRA?
The FRAs preferred method for institutions and individuals is to submit their suspicion on the Suspicious Activity Report Form in this section of the FRA website, or CIMAs website or obtained directly from the FRA.  The report on completion can be delivered by hand to the address in our contact information or faxed to 345 945-6268.
 
 
Acknowledgement Letters
The FRA will provide an acknowledgement in writing on receipt of any SAR received by fax, post or hand delivered.
 

Download a Suspicious Activity Report (SAR) Form HERE [.doc 152k]