2 About Indian STR

The Prevention of Money-laundering Act, 2002 (PMLA) and rules thereunder requires every reporting entity (banking company, financial institution, and intermediaries) to furnish prescribed reports to the Financial Intelligence Unit – India (FIU-IND).

The Government of India has set up FIU-IND to coordinate and strengthen the collection and sharing of financial intelligence through an effective national, regional, and global network to combat money laundering and related crimes. The FIU-IND is the national agency responsible for receiving, process­ing, analyzing financial transactions, and disseminating information related to suspect transactions to various national intelligence/enforcement agencies.

CRR Indian STR Application

The OFS CRR IN STR application is used to analyze the reports and take appropriate action on the report for a resolution.

Reports are generated in the OFS CRR IN STR application as result of the Generate STR action taken on a case or cases in the Oracle Financial Services Enterprise Case Management (OFS ECM) application. The business data (transaction, account, and entity details) and operational data (narratives, docu­ments, and comments) related to the case which led to the creation of a report are available in the OFS CRR IN STR application.

Using this information, authorized users analyze reports and report them to the FIU-IND or close them by providing appropriate details.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                

Report Life Cycle

The following image depicts the life cycle of a report.

                 

·        Generate a CRR Report: After analyzing a suspicious case, if it is required to report to the regu­lator, you can take an action create a report. For more information, see the Acting on Cases chapter in the OFS ECM User Guide.

·        Create a Report: A report is created in OFS ECM and the related information is passed to the OFS CRR application using web service. The newly created report is available in the OFS CRR IN STR application and it is assigned to a specific user with a due date to take appropriate action. These parameters are configurable.

When you identify a report of suspicious behavior that is not reported through the OFS ECM application but want to report it to the regulator, you can manually create a new report using the Create New Report option in the OFS CRR IN STR application. For more information, see  Manu­ally Creating a Report from OFS CRR IN STR.

·        Search and Open a Report: To analyze the existing reports, you should open reports using basic, advanced, or views search criteria. For more information, see  Opening a Report.

·        Analyze a Report: To take any kind of action on a selected report, you must thoroughly analyze the details. You should verify the details of the report such as involved accounts, transactions, reporting entity details, related documents, narratives, and audit history. For more information, see  Analyzing a Report.

·        Act on a Report: Post analyses, you can take action on the selected report based on your privi­leges. For more information, see  Acting on a Report.

User Workflow

This section explains the workflow of OFS CRR IN STR for Analyst and Supervisor role.

When a report is created in the OFS CRR IN STR application through the OFS ECM application, the report details are auto-populated with information from the case, which triggered the action to gener­ate the report. Users mapped to the role of Analyst can update a report that is in Open status and request the report’s details for approval. During the edit and review process, the report is available to be viewed as a draft report.

A Supervisor can approve, rework, or cancel the filing of reports after the Analyst requests for approval. Supervisors can also edit report details and approve reports directly, if required.

If the report is approved by the Supervisor, the Regulatory Reporting application generates the report in the final XML format after all the necessary validations. The report is then manually submitted to the Regulator. The submission to the Regulator occurs outside the OFS CRR IN STR application. The report status can then be marked as Submitted in the OFS CRR IN STR application.

The Supervisor can cancel submitted reports for approval. The report status then changes to Canceled.

If required, the Supervisor can send the reports for rework when the report is in Request for Approval status. The Analyst must then rework and re-submit the report for approval. This process continues until the report is approved or canceled.

Authorized users can reopen the canceled reports. The report status then changes to Reopened.

For the complete list of actions the Analyst, Auditor, or Supervisor can perform on various report sta­tuses, see  Table 2 . For more information on user roles, see  Table 4 .

A Report has a life cycle that begins with the Open status and ends when it is in the Submitted status.

If the report is already opened by another user, then that report is locked and can only be viewed.  

 Table 3  explains the statuses in which an Analyst, Auditor, and Supervisor can edit the report details.