Trends in Suspicious Transaction Reports in 2015
19/10/2016 2022-12-06 16:02Trends in Suspicious Transaction Reports in 2015
The Annual Report of the Financial Intelligence Unit (FIU), published approximately two months ago, highlighted a significant increase in the number of Suspicious Transaction Reports (SOS) during 2015. It is estimated that 82.428 reports were received by the FIU in 2015, over 10.000 more than in 2014.
The table below details the growth process in the number of Suspicious Transaction Reports from 2011 to 2015, with a clear increase of 70 percent.
| Reports received | |||||
| 2011 | 2012 | 2013 | 2014 | 2015 | |
| Absolute values | 49.075 | 67.047 | 64.601 | 71.758 | 82.428 |
| Percentage changes compared to the previous year | 31,5 | 36,6 | -3.6 | 11,1 | 14,9 |
Growth over the past year has been significantly impacted by the effects of the measures in the area of Voluntary disclosure which resulted in 6.782 reports (8,2% of the total).
This component contributed to the strong growth in SOSs pertaining to professionals, which increased by over 150%. Reports from non-financial operators also increased significantly (+62,4%). For banks and post offices, which represent nearly 80% of the total, the increase was more modest (+14,9%).
The table below shows the Suspicious Transaction Reports received by the UIF by type of reporting entity:
| Reports received by type of reporter | |||||
| 2014 | 2015 | ||||
| (absolute values) | (shares %) | (absolute values) | (shares %) | (% change compared to 2014) | |
| Total | 71.758 | 100,0 | 82.428 | 100,0 | 14,6 |
| Banks and Post Offices | 59.048 | 82,3 | 65.860 | 79,8 | 11,5 |
| Financial intermediaries other than banks and post offices1 | 9.172 | 12,8 | 8.719 | 10,6 | -4,9 |
| Professionals | 2.390 | 3,3 | 5.979 | 7,3 | 150,2 |
| Non-financial operators | 1.148 | 1,6 | 1.864 | 2,3 | 62,4 |
| Other subjects not included in the previous categories | 0 | 0,0 | 6 | 0,0 | - |
The number of reports relating to the financing of terrorism and the proliferation of weapons of mass destruction is still limited, although growing (286 compared to 97 in 2014).
A careful look at the Italian national situation highlights how the territorial distribution of SOS continues to be uneven: the Central and Northern regions have a higher number of reports in relation to the population than those in the South. Puglia, with 4.800 reports, accounts for 5,8% of the national total (the same percentage as in 2014).
The image below illustrates the breakdown of Suspicious Transaction Reports received by the UIF based on the Region in which the reported transaction occurred.
Considering the transactions actually executed, the reports submitted in 2015 brought suspicious transactions worth approximately €97 billion to the attention of the FIU (€56 billion in 2014). If we also take into account transactions not yet executed, the 2015 figure amounts to €114 billion (compared to €164 billion in 2014).
The reports mainly concerned national (32,9%) and foreign (8,5%) bank transfers, as well as cash transactions (26,3%).
In 2015, 55% of reports were received within one month of the operations being carried out. 80% were received within the first three months. These transmission times are not yet in line with the concept of "prompt reporting," which contributes to the overall effectiveness of active collaboration, according to the standard International.
