How to submit Prescribed Transactions Reports

Automation vs Manual Submission

There are three methods available for submission of PTRs to the FIU:

  1. Manual entry using the goAML web forms
  2. Bulk XML document upload via goAML web
  3. Business-to-business (B2B) fully automated upload

Option 1 requires no technical development by a reporting entity.

Options 2 and 3 are automated methods and will require technical development from a reporting entity or software solution provider (third party).

A list of all the current documentation is available – please check the document list (PDF 136KB) regularly to ensure you have the most recent information!

Option 1. Manual entry using the goAML web forms

This option requires a user to log in to the goAML Web application and complete an online form for an LCT and an IFT (similar to the Suspicious Transaction Reporting form in goAML).

No technical development is required by a reporting entity, however staff will need to be trained on using the web form.

Option 2. Bulk XML document upload via goAML web

A single XML report that contains data relating to multiple transactions can be uploaded by a user, using the goAML Web application.  For example:

  • Multiple transactions for Large Cash Transactions (LCTs) in a single XML report.
  • Multiple transactions for International Funds Transfers (IFTs) in a single XML report.

This option requires a reporting entity to develop a solution that may need to link multiple databases together, depending on where the reporting entity holds the required information.

A reporting entity may wish to use this option if they expect higher volumes of transactions, and/or already has systems in place that successfully integrate required information for PTRs.

Option 3. Business-to-business (B2B) fully automated upload

This option enables reporting entities to send PTR files automatically (most likely on a daily basis) to the FIU.

Like option 2, it requires initial investment from a reporting entity in developing a solution that links multiple databases together, depending on where the required information is held.

Once the B2B solution is successfully in place, no manual user entry or upload is required.

Criteria for Automation

To develop an automated PTR solution reporting entities need to carefully consider the following.

  • Whether the required information is currently captured by your business processes and systems, and where and how the information is stored (in how many different systems).

    If the information is captured manually or in paper form then it will be difficult to automatically capture into an XML file.
     
  • Does your organisation have the appropriate technical expertise / resources to prepare and maintain the solution (IT and business).

    Developing an automated solution requires specialised IT expertise. If reporting entities do not have IT expertise (or have access to) then developing an automated solution will be challenging.
    Reporting entities may wish to consider engaging with a software solution provider to develop an automated solution to submit PTRs.
     
  • Budget for preparing and maintaining a technical solution.

    Automation requires investment in technology and resources to prepare and maintain an automated system. Alternatively an IT software provider may be a viable option for your organisation.
     
  • The anticipated volume of transactions that will need to be reported.

    Developing an automated system will enable reporting entities to upload many transactions at one time.

    Reporting entities that don’t expect to be submitting high volumes of reports may not benefit from investing in an automated solution.