Examples are FinCEN in the United States and the UK Financial Intelligence Unit within the National Crime Agency. FIUs share information internationally through the Egmont Group.
Example
A bank files a suspicious transaction report with its country's FIU, which links it to other reports and passes the case to law enforcement.
Where it appears in the exams
This topic is relevant for CAMS, CFCS.
Related terms
- Suspicious activity report (SAR / STR): A suspicious activity report, also called a suspicious transaction report, is a confidential report that a regulated firm files with the national financial intelligence unit when it suspects money laundering, terrorist financing or another crime.
- Tipping off: Tipping off is telling a customer, or anyone else, that a suspicious activity report has been or will be filed, or that an investigation is under way.
Source: FATF Recommendation 29. Independent explanation for study purposes, not legal advice.