Suspicious Transaction Reports

Last May, the Financial Intelligence Unit, through the Unit for the Registration, Monitoring and Prevention of Money Laundering and the Financing of Terrorism (URMOPRELAFT), communicated to the obliged subjects of the APNFD that, in compliance with articles 48, 51, 52 and 53 of the Regulations of the Law for the Regulation of Non-Financial Activities and Professions; the reporting related to periodic transaction reports, suspicious transactions reports (ROS) and the non-detection of suspicious transactions began.

But what is a ROS?

Suspicious Transaction Reports is a format developed and adopted by the Financial Intelligence Unit (FIU) for the proper communication of obligated subjects of suspicious transactions identified in the exercise of their daily functions with their customers, whether they are habitual, occasional, contractual, professional or business.

By suspicious operations we can say that they are those transactions, operations or commercial relations, that have been carried out or not and that are not related to the commercial or professional activity, in addition, it goes beyond the parameters of normality of the market and that could make us think that the client is developing activities that do not have a legal or obvious economic basis.

When should suspicious transaction reports be filed?

Once the obliged subject has taken the decision to consider the client's operation as suspicious, it is not necessary to be certain that this is a criminal activity, nor to identify the criminal type or verify that the resources have a criminal origin, it is only required that the operation be suspicious , in accordance with the provisions of the Special Law against Money Laundering.

Suspicious transaction reports have a period of no more than sixty (60) calendar days to submit a first-time ROS and thirty (30) calendar days for supplementary ROS.

Remember that all obliged subjects must have procedures and internal controls established within their corresponding compliance manuals, inclined to define an adequate process of control, monitoring and identification of possible risks to which they may be exposed and how to face them.

Who is required to make a Suspicious Transaction Report?

All obliged entities are obliged to be natural or legal persons responsible for the prevention and detection of illicit activities through compliance with the obligations aimed at identifying, controlling, administering or mitigating the risk of money laundering and financing of terrorism, that is, those who are supervised by the National Commission of Banks and Insurance (CNBS) in accordance with the Law on Special Money Laundering and Designated Non-Financial Professions.

That is to say, the financial obligated entities such as Commercial Banks, Financial Companies, OPDF, Remittance Companies, Insurance Companies, Pension Funds, Cooperatives, as well as the APNFD Sector such as the Entities that provide international financial services, those that provide land, air and sea Courier services, electronic and traditional lotteries, casinos, electronic betting, those that are dedicated to the purchase / sale and lease of real estateamongothers.

We invite you to read the following article on the Regulation of APNFD in Honduras: https://www.galindoyasociados.com/post/indemnizaci%C3%B3n-al-estado-de-honduras