Implementation of Updated Suspicious Transaction Reporting (STR) Structure

We are pleased to inform you that MASAK has announced a comprehensive update to the Suspicious Transaction Reporting (STR) structure, which took effect on May 8, 2024. These changes include significant enhancements in the following areas:

– Suspicious Activity Categories

– Suspicious Transaction Typologies

– Notification Categories

– Profession

– Identity Types

– Place Where the Transaction is Triggered

– Transaction Channel

These updates aim to establish a more effective supervision and monitoring mechanism within the financial sector, enhancing the overall fight against financial crimes. The new structure is designed to provide higher levels of transparency and security, ensuring that all stakeholders in the banking and financial institutions sectors adopt a more proactive approach.

The newly introduced validation rules will improve data integrity and accuracy, making it easier to detect suspicious activities in financial transactions.

As Fineksus, we are committed to supporting our clients in seamlessly adapting to these changes. Our on-demand solution PayGate™ Analyzer software has been updated to ensure compliance with the new structure of MASAK’s Updated Suspicious Transaction Reporting (STR) Structure, helping you to integrate these changes quickly and efficiently.

This update reflects our dedication to providing our clients with superior service quality and technological competence.

For more detailed information, contact our support team and request a demo.

Sincerely,

Fineksus