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Financial Intelligence Data⚓︎

To support the two business areas within the model Financial Intelligence Agency, governments collect two key data assets:

Regulated Entity Registration/Information - initially provided at the time of registration and updated when significant business characteristics change. Regulated Entity information includes:

  • Identifying Business Characteristics - e.g. name, address, telephone, email, business registration details.
  • Key Personal Details - identifying characteristics of the directors, key managers (such as risk officers) and other contacts.
  • Business Details - industry, sector, services provided, scale of business (turnover, number of staff, locations, etc…).
  • Details of the entity’s risk mitigation processes and procedures - that seek to combat criminal abuse of the financial services provided.

Transaction Reports - these are reports on financial transactions, which are submitted by regulated entities to support the government's financial intelligence analysis. The financial transaction reports collected by governments differs between jurisdictions. Listed below, in order of their prevalence, are the types of reports captured:

  • Suspicious Activity Reports - which is provided by a Regulated Entity when they form a criminal suspicion in relation to one of their customer's (or potential customer's) activities. For example an institution may form a suspicion that an individual is deliberately structuring transactions to avoid a single large transaction that would be reportable to the FIU.
  • Threshold Transaction Reports - which describe transactions in to or out of a financial institution involving cash over a specified value (e.g. > $10k in cash). While the use of physical cash is decreasing transactions involving large amounts of cash are still very common for example the deposit of a weekend's charity collection.
  • Physical Cross Border Movement Reports - which relates to the physical carrying of cash (or equivalents) into or out of the country. Where individuals fail to declare they are physically carrying cash a fine maybe applied by border and customs officials.
  • Suspected Unregistered Entity Reports - (commonly referred to as dob-ins) which allows members of the public to identify entities that appear to be provided financial services that would require them to be be registered, however they appear not to be registered.
  • International Fund Transfer Reports - recording the electronic transfer of funds into or out a country between the customers of financial institutions. International Fund Transfers related to: settlement of financial transactions between institutions are generally not reportable.

The data collected is somewhat different across transaction report types and Regulated Entity registrations; however logically they all relate to one or more parties being associated with some kind of activity.

Additionally governments often survey their regulated entities to help them direct their supervisory efforts.