Most suspicious transaction reports and suspicious activity reports filed in Luxembourg last year appear to have originated from PayPal, the global payment processor, and a second, larger and perhaps more unlikely source: Amazon, the world's largest e-commerce firm. In a 122-page report, the country's financial intelligence unit, also known as CRF, disclosed having received 56,000 STRs and SARs in 2018, a year-on-year increase of 44 percent that officials aim to reduce in the coming years by instructing firms on how to submit higher-quality filings on suspected money laundering, terrorist finance and other illicit activity. Lenders typically file the lion's share...
U.K. authorities received more than 1,100 suspicious transaction reports per bank in 2017, data reviewed by ACAMS moneylaundering.com shows. In Switzerland, Europe's fifth-largest financial market, banks averaged fewer than 50 reports apiece.
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