Nine relevant aspects in the guide for preparing and sending ROS

por Jorge Andrés Cóbar | Nov 28, 2023 | RRSS |

The “Guide for the preparation and submission of Suspicious Transaction Reports (ROS)” is a detailed document that explains the process for reporting suspicious transactions in the financial field. The main ideas and summary of the guide are as follows:

  1. Introduction and Purpose: The guide, prepared by the Financial Investigation Unit (UIF), aims to prevent and detect activities associated with money laundering, financing of terrorism and financing the proliferation of weapons of mass destruction. [”]
  2. Objectives: Obligated subjects must complete the reporting form with detailed data about the people involved and the profile of the reported operation, complying with the legal requirements established by the corresponding law. [”]
  3. Scope of Application: The provisions of the guide apply to all obligated subjects specified in the law, excluding certain cases that must be reported in a special format. [”]
  4. Legal Basis: Reports must be made within a maximum period of five business days once irregular or suspicious operations have been identified, with the possibility of extending the period for another fifteen business days. The amount of the transactions does not affect this obligation. [”]
  5. Key Definitions: Key terms are defined such as UIF, FATF (Financial Action Task Force), LDA (Money and Asset Laundering), TF (Terrorist Financing), FPADM (Financing of the Proliferation of Weapons of Mass Destruction), ROS, Portal UIF, and Obligated Subjects. [”]
  6. Process to Complete the STR: The steps to complete the report in the UIF portal are detailed, including entering the portal, selecting the Suspicious Operation Report option, and generating a control number. [”]
  7. Details of the Suspicious Operation Report: The data that must be included in the report is specified, such as the name of the service, address, type of operation, amount of the transaction, origin or destination of the funds, and the reason for the report. [”]
  8. Files Annexed to the ROS: Detailed documentation must be attached such as customer profile, products and services, account statements, product contracts, analyzes performed, due diligence measures applied, and other relevant documents. [”]
  9. Specific Annexes: Detailed templates are included to report the concentration of active and passive accounts, account movements, loan and credit card payment structure, and details of the people who make payments and deposits. [”]

In summary, the guidance provides detailed instructions on how and what information reporting entities should report when identifying suspicious financial transactions, in order to comply with anti-money laundering and anti-terrorist financing regulations. If you need specialized advice, contact us!

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