Spotting Suspicious Activity? When to File a Suspicious Transaction Report (STR) in the UAE

The United Arab Emirates (UAE) is a global financial hub, and with that comes a responsibility to combat financial crime. As a resident or business owner, you might find yourself questioning a transaction’s legitimacy. This is where Suspicious Transaction Reports (STRs) come in.

What is an STR?

An STR is a report filed with the UAE Financial Intelligence Unit (FIU) by “Reporting Entities” (REs) when they suspect a transaction is linked to money laundering or terrorism financing. These reports are crucial for the UAE’s fight against financial crime.

So, When Should You File an STR?

You should file an STR if you have reasonable grounds to suspect a transaction might be suspicious. Here are some red flags to watch out for:

•  Large or Unusual Transactions: Especially if they don’t align with a customer’s typical activity.
• Complex Transactions: Transactions involving multiple accounts or jurisdictions with no apparent economic purpose.
• Source of Funds: If a customer is hesitant or evasive about the source of their funds.
•  Sanctions Checks: Transactions involving individuals or businesses on sanctioned lists.
• Ultimate Beneficial Owner: UBO information is not clear.

Remember, it’s better to be safe than sorry. If you have any doubts, err on the side of caution and file an STR. The FIU will analyze the report and determine if further investigation is needed.

UAE STR Filing Resources:

 FIU STR Process: [https://www.uaefiu.gov.ae/en/about-us/history/](https://www.uaefiu.gov.ae/en/about-us/history/)
 CBUAE Rulebook on STRs:[https://rulebook.centralbank.ae/en/rulebook/44-suspicious-transaction-report-filing](https://rulebook.centralbank.ae/en/rulebook/44-suspicious-transaction-report-filing)

By staying vigilant and reporting suspicious activity, you can help the UAE maintain a strong financial system.

Keywords: UAE, STR, Suspicious Transaction Report, Money Laundering, Terrorism Financing, Financial Crime, FIU, Reporting Entity, Red Flags, AML, CFT.