How to submit Prescribed Transactions Reports

Be prepared – identify how your business will submit Prescribed Transactions Reports!

Reporting entities will need to determine how they will submit PTRs using goAML (the FIU reporting tool) as soon as possible to ensure their business processes and IT solutions are enabled and tested by 1 November 2017.

Key factors to consider when determining how to submit PTRs

Listed below are some key factors to consider when determining how best to submit PTRs:

  • whether the required information is currently captured by your business processes and systems
  • where and how the information is stored (in how many different systems)
  • resources available to prepare the solution (IT and business)
  • funding requirements
  • your anticipated volume of transactions that will need to be reported.

There are three ways reporting entities will be able to submit PTRs via goAML – the Financial Intelligence Unit reporting tool

Option 1: User enters PTR on website (goAML web tool)

Involves submitting PTRs by entering data into a goAML online form specifically designed for IFTs and LCTs. This option will be similar to the current Suspicious Transaction Reporting (STR) form in goAML.

The online goAML web tool does not rely on an automated IT system being developed, but will require users to fill out a form for each prescribed transaction.

Option 2: User uploads goAML file (bulk upload)

Involves providing data relating to more than one IFT/LCT transaction at a time, as part of a single 'report' that can be uploaded on to the goAML web interface.

This option relies on developing a more automated IT system that may also need to link multiple databases together if the reporting entity holds the required information in more than one system.

The upload goAML file option will require users to upload data files.

There may be benefits to this option if a reporting entity expects higher volumes and/or already has an IT system that successfully integrates all information relevant to prescribed transaction reporting

Option 3: System-to-System goAML file upload (fully automated IT Business to Business (B2B) solution)

This option will enable PTRs to be sent automatically to the FIU (most likely daily). Like option 2, it requires initial IT investment for automating the reporting. However, this system-to-system (B2B) option will not require users to manually upload data files.