The Central Office for Financial Transaction Investigations is better known under its abbreviation “FIU”. It handles a large number of suspicious transaction reports concerning money laundering, terrorist financing and other criminal offences, and processes a large amount of personal data.
The designation “FIU” is derived from the English name “Financial Intelligence Unit”. Worldwide, this abbreviation stands for authorities which are tasked with detecting money laundering and terrorist financing.
The FIU is professionally independent. Its powers are derived exclusively from the Money Laundering Act (GwG). The central task is to receive and analyse reports of suspected money laundering.
Various bodies, such as banks, insurance companies and real estate agents, are obliged to report conspicuous facts to the FIU. A reporting obligation arises whenever there are clues indicating that an asset (e.g. cash) originates from a crime or is to be used to finance terrorism. If a body fails to comply with these obligations, there will be legal consequences.
These reports are to be analysed by the FIU for a connection with money laundering, terrorist financing or any other offence. Depending on the outcome, the prosecution is transferred to law enforcement authorities and/or intelligence services.
The number of reports to the FIU is steadily increasing. 77,252 reports were indicated in the FIU Annual Report 2018 (source: FIU Annual Report 2018, p. 13), there are already 144,005 in 2020 (source: FIU Annual Report 2020, p.15). Due to current legislative amendments, a further increase is to be expected in the future. The growing number of reports has led to the creation of an unmanageable database at the FIU. At the end of May 2020, there were already 282,584 suspicious transaction reports in the so-called “information pool”. Among them were suspicious transaction reports which were equally submitted, but classified as not having any substantial value, and also unprocessed suspicious transaction reports (source: Bundestag document No. 19/20953).
The measurable successes are in unacceptable disproportion to the above mentioned situation. In 2020, the FIU received 12,618 feedback messages from the investigative authorities on the facts forwarded and therefore 4,947 feedback messages less than in the previous year. Of these feedback messages, only 79 led to a verdict (source: FIU Annual Report 2020, p. 24). This corresponds to a rate of 0.6 %. Charges were filed in 234 cases, representing a rate of 1.85 % of the feedback messages. Compared to the previous year, the low rate increased only minimally.
Although the FIU is explicitly still working below the initial suspicion of criminal activities, it already has extensive search opportunities in the databases of public authorities for the purpose of its analysis. These databases include e.g.: The police information network (INPOL), the Central Register of Foreigners (AZR), the Central Public Prosecution Proceedings Register (ZStV) and access to account master data (account data retrieval).
Your rights vis-a-vis the FIU:
What are my rights?
In order to find out whether your data are also stored in the FIU’s database, you have the right to ask the FIU whether it holds data about you.
In principle, according to Section 49 of the GwG, you have the right of information. If the FIU refuses all or part of the information to you, you may request the Federal Commissioner for Data Protection and Freedom of Information (BfDI) to exercise the right of information on your behalf in accordance with Section 58 para. 7 of the Federal Data Protection Act (BDSG).
If data about you are available at the FIU, you have the rights to rectification, erasure or restriction of processing in accordance with Section 37 of the GwG.
Whom should I contact?
You can first exercise your rights vis-a-vis the FIU as the controller:
In general, you have the right to lodge a complaint with the BfDI pursuant to Section 60 of the BDSG if you suspect an infringement of your personal data by the FIU.
Questions and complaints relating to data protection at the FIU can be addressed within the BfDI’s office to the competent specialist division Referat 35 – Bundespolizei, Zollkriminalamt, (“ Division 35 -Federal Police, Customs Criminological Office”). Please also note our general contact information.
Der Bundesbeauftragte für den Datenschutz und die Informationsfreiheit Graurheindorfer Str. 153 53117 Bonn
An FIU is a central, national agency responsible for receiving (and, as permitted, requesting), analyzing, and disseminating to the competent authorities disclosures of financial information: concerning suspected proceeds of crime and potential financing of terrorism or. required by national legislation or regulation.
The Principal Officer shall furnish the information referred to in Rule 3 of Prevention of Money-Laundering (Maintenance of Records) Rules 2005, to the Director, FIU-IND on the basis of information available with the reporting entity.
The core function of an FIU is the receipt, analysis and transmitting of reports of suspicions identified and filed by the private sector. The FIUs therefore function as an intermediary between the private entities, subject to AML/CFT obligations, and law enforcement agencies.
Pursuant to the Financial Intelligence and Anti-Money Laundering Act 2002 (FIAMLA), the FIU is the designated Regulatory body for 'Dealers in jewellery, precious stones or precious metals', 'Real Estate Agents, including Land Promoters and Property Developers', 'Attorneys', 'Barristers', 'Notaries', and 'Law firms', ' ...
A Financial Intelligence Unit (FIU) is a government agency responsible for collecting, analysing, and disseminating financial intelligence information to prevent criminal manipulation of finance systems, such as money laundering and terrorist financing.
A bank must electronically file a Currency Transaction Report (CTR) for each transaction in currency1 (deposit, withdrawal, exchange of currency, or other payment or transfer) of more than $10,000 by, through, or to the bank.
Designated persons are obliged to make suspicious transactions reports (STRs) to both the Financial Intelligence Unit (FIU) and Revenue if they know, suspect, or have grounds to suspect that a client has been or is engaged in money laundering or terrorist financing.
The primary role of the FIU is to receive and analyze Suspicious Activity Reports (SARs) from financial institutions and other reporting organizations. These reports are submitted when a financial institution identifies a potential money laundering or terrorist financing risk in a customer's transaction.
Financial Intelligence Unit – India (FIU-IND) was set by the Government of India vide O.M. dated 18th November 2004 as the central national agency responsible for receiving, processing, analyzing and disseminating information relating to suspect financial transactions.
The BSA / AML / OFAC Compliance Officer is responsible for developing, implementing and administering all aspects of the Bank Secrecy Act Compliance Program, and for assuring that the bank is in compliance with the Bank Secrecy Act, USA Patriot Act, OFAC, and all other applicable laws.
Half the applicants admitted to FIU who submitted test scores have an SAT score between 1060 and 1250 or an ACT score of 21 and 26. However, one quarter of admitted applicants achieved scores above these ranges and one quarter scored below these ranges.
Suspicious Transaction Report Statistics under Prevention of Money Laundering Act. Every banking company, financial institution and intermediary shall furnish to FIU-IND information of all suspicious transactions whether or not made in cash.
Financial Intelligence Unit - India (FIU-IND) is the central, national agency responsible for receiving, processing, analyzing and disseminating information relating to suspect financial transactions to enforcement agencies and foreign FIUs.
A Suspicious Activity Report (SAR) is a document that financial institutions, and those associated with their business, must file with the Financial Crimes Enforcement Network (FinCEN) whenever there is a suspected case of money laundering or fraud.
The FIC Act requires a person who carries on a business, or is in charge of or manages a business, or who is employed by a business, and who suspects money laundering or a terrorist financing activity or unusual transaction, to report this to the FIC.
Reporting must be made through an ARM or the trading venue through whose system the transaction was completed. Alternatively, reporting to a trade repository under EMIR satisfies the obligation provided the EMIR report contains at least the same information.
Introduction: My name is Merrill Bechtelar CPA, I am a clean, agreeable, glorious, magnificent, witty, enchanting, comfortable person who loves writing and wants to share my knowledge and understanding with you.
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