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Colin Dixon28 Feb 24

Automating Prescribed Transaction Reports to the FIU

PTRs: A crucial source of intelligence for the FIU

Prescribed Transaction Reports (PTRs) play an important role for the NZ FIU as they provide crucial pieces of intelligence that play a part in the wider picture of New Zealand's financial system. PTRs can expand the transparency of Suspicious Activity Reports (SARs) improving the detection of risky transactions and consequently the disruption of financial crime.

The FIU requires all businesses covered by the AML/CFT Act to report International Funds Transfers (IFTs - international wire transfers of $1,000 or more) and Large Cash Transactions (LCTs - physical cash transactions of $10,000 or more).

Timing is critical to catch and limit the extent of the damage that criminals can enact, which is why the FIU requires the submission of PTRs as soon as practicable but not later than 10 working days after the transaction.

Submitting PTRs within the FIU timelines, and ensuring all required information is captured correctly, is a critical component of an AML/CFT program. Many reporting entities manually submit their reports; however, this is prone to errors and failure to submit on time, which can not only result in fines, but can also lessen your PTRs overall usefulness.

 

Why automate your PTR reporting

A typical AML program is detailed and time-consuming. It involves analysing a large amount of data, monitoring various customer transactions, and following evolving requirements of the regulators. AML compliance programs that are highly manual can also have low accuracy rates. Automation can streamline the reporting process of investigating, analysing, and monitoring in a reliable, timely, and cost-effective way.

An automated reporting system could help to meet PTR obligations. Jade ThirdEye offers automated reporting for PTRs & SARs for New Zealand reporting entities.

An automated AML solution offers reporting entities the ability to:

  1. Easily and efficiently meet PTR and other reporting timelines
  2. Eliminate manual and time-consuming reporting processes
  3. See the status of submitted FIU reports
  4. Streamline the PTR process
  5. Integrate the submission of reports to the FIU via the goAML system
  6. Improve the quality and confidence in AML reporting


Struggling to submit your PTRs on time and with the correct information? Jade ThirdEye's PTR automation feature can streamline your entire process to ensure you meet your PTR obligations with ease and confidence. Discover more about automating your PTRs with Jade ThirdEye.

 

Get in touch with us!

 
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Colin Dixon

Colin has been working on Jade ThirdEye for over 10 years and has helped scores of organisations across Australia, New Zealand and the UK implement and upgrade their transaction monitoring and customer screening automation tools. From rules based on risk profiles to compliance reporting, Colin uses his extensive knowledge Jade ThirdEye and the AML landscape, working directly with customers of all shapes and sizes to help them achieve the best outcomes with their automation tools. He is also responsible for engaging with customers and defining new capabilities that continuously add more value to the Jade ThirdEye product.

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