Cycle of SARs

Cycle of SARs

1. The Unit receives notifications from parties subject to report on transactions suspected to be related to money laundering or terrorist financing, on the form approved by the Unit, which shall be registered in the data-base of the Unit.
2. The competent directorate shall study notifications and shall carry out the financial analysis and investigation, in addition to, requesting information from the judicial, regulatory, supervisory or any administrative or security authorities. Furthermore, requesting information from the counterpart Units.
3. The competent directorate shall submit a final report to the Chief of the Unit to take the necessary decision pursuant to the following:-

• If, after investigation and analysis evidences were existed of committing money laundering or terrorist financing crime, a report will be prepared and transmitted to the competent Public Prosecutor attached by all the supportive information, data, and documents therefore.
• If, after investigation and analysis evidence were not existed of committing money laundering or terrorist financing crime, but an violating Law, regulations, or other instructions; accordingly, the matter is referred to the competent authorities and shall be provided with such information when necessary.
• If, after investigation and analysis, evidences were not existed of committing money laundering or terrorist financing crime and a non- existence of violating a law, regulations or other instructions, the notification and the relevant information thereto shall be maintained on the data base of the Unit.