On the 19th July 2022, the Financial Intelligence Analysis Unit (“FIAU”) issued a guidance document on ‘Reporting through goAML’. This document provides clarifications on the reporting process, the reporting of transactions connected to Iran, the types of reports which may be submitted, and guidance on how to decide which type of report is required. The FIAU had already published such guidance document in January 2021, and the newly published document is an update to the previous one.
Firstly, a key update provided under this guidance document relates to the reporting obligation of transactions connected to Iran. The Financial Action Task Force (“FATF”) lifted the suspension of countermeasures and ordered the application of effective countermeasures on the dealings of natural and legal persons in connection with Iran. Due to this, the FIAU published a notice on the 25th February 2022 enforcing Regulation 11(11) of the Prevention of Money Laundering and Financing of Terrorism Regulation (the “PMLFTR”). Therefore, until further notice from the FIAU, Iran is considered as a jurisdiction for which there has been an international call for countermeasures.
Another key update provided under this guidance document relates to when an Additional Information File (“AIF”) is to be submitted. There are different report types that can be submitted through the goAML, and the guidance document clarifies these differences, as well as when each type is to be submitted. With regards to an AIF, the guidance document provides that once the initial report is submitted with the necessary documents, the subject person should determine whether it has any additional information to add.
Submitting reports is an obligation that subject persons must adhere to and therefore understanding the reporting process is crucial. This is also crucial for the FIAU to be able to perform its functions better and to have adequate and sufficient information to trigger its processes.
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