AML/CFT for all payment service providers
When should a payment service provider file a Suspicious Transaction Report (STR)?
Examples of suspicious transactions are set out in Appendix B of the Guidelines to Notice PSN01 on Prevention of Money Laundering and Countering the Financing of Terrorism - Specified Payment Services:
- Transactions Which Do Not Make Economic Sense,
- Transactions Involving Large Amounts of Cash,
- Transactions Involving Accounts of the Customer with the Payment Service Provider
These examples are not intended to be exhaustive and are only examples of basic ways in which money may be laundered or used for TF purposes.