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New solution for suspicious transactions report in Hong Kong

Nov 08, 2018

The Hong Kong government is looking to upgrade the process of filing suspicious transaction reports by way of the introduction of a new solution – “e-STR”.

As it stated on the official website of the Securities and Futures Commission:

“In order to enhance the capacity in suspicious transaction report ("STR") processing and shorten the time required for STR reporting entities to receive feedback from Joint Financial Intelligence Unit ("JFIU") after submitting an STR, the JFIU has recently developed a new solution, "e-STR Submission" ("e-STR") which will soon replace the existing STR submission channel, "S-box", tentatively in the 1st quarter of 2019”

The new development is meant to replace the S-box in the first quarter of 2019. The e-STR differs from the existing solution, by way that it does not need installation of any additional software. In order to submit report by means of the new solution, the user would need to have: web browser (Chrome and Firefox are sanctioned), current version of Adobe Acrobat Reader and e-certificate from Hong Kong Post.

The main objective of e-STR is to allow users to make applications with the help of an electronic gadget in a swifter and more safe way. In addition, the e-STR provides extra supporting functions such as search of previous STRs as well as an instant check of the feedback given by the JFIU.

In order to boost the process of submitting STRs, the Securities and Futures Commission promotes the licensed corporations and associated entities to use e-STR for future STRs.

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