The five steps below have been developed as a guide to assist reporting entities prepare for submitting Prescribed Transactions Reports.
Step 1 – Prepare the information
Determine what information needs to be provided
The information that needs to be included in PTRs (IFTs and LCTs) is outlined in the relevant legislation and guidance documents. These are available from the ‘Prescribed Transactions Reporting' page.
Additional documentation, including technical documents, is available from the Resource Library within goAML. To access the Resource Library, registered reporting entities will need to log in to goAML and click the question mark icon on the menu bar.
Ensure that you capture the required information
If you don’t already, you will need to develop a way (either manually or automated) to start collecting the required information in order to meet your obligations.
You will need to determine where the information is, and in how many different places (systems, databases etc.).
Determine how easy/difficult it will be to bring all the information together
If the information is in many different places and formats/structures, determining how easy (or difficult) it will be to bring all of the information together will help you to identify the best way for your entity to submit PTRs.
Estimate the volume and frequency of transactions
Having an idea of how many Large Cash Transactions (LCTs) and International Funds Transfers (IFTs) your entity will need to submit, and how often you will need to submit reports, will also help you to identify the best way for your entity to submit PTRs.
Step 2 – Decide how to submit
The information you have prepared in Step 1 will assist with identifying which of the following options is best for your entity to submit PTRs:
- Manual entry using the online goAML web forms
- XML file upload via goAML web
- Business-to-business (B2B) fully automated submission
All three methods require the same information to be provided.
Further information about the three different methods is available from the ‘How to submit PTRs’ page, including some criteria for developing an automated solution (options 2 and 3).
Step 3 – Develop your system
After you have worked through Steps 1 and 2, specific documentation is available to assist reporting entities with submitting PTRs – appropriate for each submission method.
If your reporting entity is already registered for goAML, PTR documentation is available from the Resource Library within goAML. To access the Resource Library, registered reporting entities will need to log in to goAML and click the question mark icon on the menu bar.
If you are not yet registered for goAML, refer to the ‘Registering in goAML’ section of the ‘goAML – Financial Intelligence Unit Reporting Tool’ page.
Please note: Further updates to these documents will be released when required – either as a result of legislative changes, or a goAML upgrade (provided by the software solution provider).
Step 4 – Test your system
Each reporting entity that will be submitting PTRs via an automated method (options 2 or 3) must successfully complete a testing process with the FIU before access to the production environment is granted.
Further information about the testing process is available from the ‘Testing PTRs’ page.
Step 5 – Prepare your people
Specific documentation has been prepared to assist reporting entities and their people for submitting PTRs via each method. All documentation is available from the Resource Library in goAML. To access the Resource Library, registered reporting entities will need to log in to goAML and click the question mark icon on the menu bar.
Manual entry using the goAML online web forms
Reference guides are available to help reporting entities complete the online web forms for Large Cash Transactions (LCTs) and International Funds Transfers (IFTs).
Hands-on training for manual entry using the online web forms is available to reporting entities. To register your interest, please email email@example.com.
XML file upload via goAML web
A ‘How to upload XML files’ document is available to reporting entities.
Business-to-business (B2B) fully automated submission
No documentation is provided for this option in regards to preparing your people, as it is a fully automated solution and does not require any user intervention.