As a part of regulations and compliances, a Financial Services Organization must perform appropriate analysis and report any suspicious activities that can lead to fraud, terrorist financing, and money laundering to the regulatory authorities.
The Anti-Money Laundering Council (AMLC) is the agency of the Government of the Philippines that is tasked to implement the provisions of Republic Act known as the “Anti-Money Laundering Act, also known as the “Terrorism Financing Prevention and Suppression Act (TFPSA).
The Oracle Financial Services Compliance Regulatory Reporting Cloud Service (OFS CRR CS) Philippines Suspicious Transaction Report (PH STR) application is used to view the report and associated E-File.
Reports are generated in the OFS CRR CS PH STR application as a result of the STR Required action taken on a case or cases in the OFS Case Investigation Cloud Service. The business data (transaction, account, branch details, and so on) are used to view through E-File in the OFS CRR CS PH STR application.
The following image depicts the life cycle of a report.
Figure : life cycle of a report
Report Life Cycle
· Generate a CRR Report: After investigating a suspicious case, it is required to report to the regulator. The STR Required action is taken in the OFS Case Investigation Cloud Service as the result reports are created. For more information, see the Acting on Cases chapter in the OFS Case Investigation Cloud Service.
· Search a Report: The created reports are displayed in the OFS CRR CS PH STR application. Using search criteria, you can view required reports. By default, all reports are displayed in the Report List. For more information, see Searching a Report.
· Download an E-File: On the Report List page, you can download the required E-Files and view the details such as transaction, account, branch details, and so on.
· Upload an E-File: Use this E-File to upload into the PH STR portal.