A Suspicious Transaction Report (STR) is a formal disclosure filed through the UAE FIU's goAML platform whenever a business identifies a transaction or activity that it knows, suspects or has reasonable grounds to suspect is related to money laundering, terrorist financing or sanctions evasion. The obligation to file an STR is mandatory, failure to report a suspicious transaction that should have been reported constitutes a criminal offence under Federal Decree-Law No. 20 of 2018.
CashLaw Global provides STR filing support to UAE businesses navigating the decision to file and the mechanics of filing correctly through goAML. We advise on whether a set of facts meets the threshold for STR reporting under UAE law, assist in preparing the STR narrative, setting out the grounds for suspicion, the relevant transaction details and the supporting documentation, and submit the STR through the goAML platform on behalf of the business. All STR advisory is conducted under strict confidentiality, consistent with tipping-off prohibitions under UAE AML law.
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Book Free ConsultationAn STR is an official compliance report submitted to the Financial Intelligence Unit via the goAML portal when a business has reasonable grounds to suspect that funds or transactions are linked to illicit activities, money laundering, or terrorist financing.
Under UAE compliance guidelines, once a transaction or client interaction is deemed suspicious by the MLRO, the STR must be filed through the goAML portal without delay, typically within 24 to 48 hours.
The tipping-off rule strictly prohibits informing a client or any unauthorized third party that an STR has been filed or that a money laundering investigation is underway. Violating this rule is a serious criminal offense that can carry prison sentences and major individual fines under UAE law.