The Workshop “Review and Constructive Dialogue on STR and TrR Data Mapping in Support of the Development of a Standardised Minimum Data Set (SMDS)", organised by the Council of Europe’s Economic Crime and Cooperation Division, provided an opportunity for participating European Union (EU) and European Economic Area (EEA) Financial Intelligence Units (FIUs) to review results of the mapping of the suspicious transaction reports (STRs) and the reporting of transaction records (TrRs) data and information requirements, and to engage in discussions how these can support the development of a Standardised Minimum Data Set (SMDS) for completion of STRs and TrRs by obliged entities (OEs). As a complex exercise involving over 6500 different possible data points, the Workshop aimed to identify how an SMDS could be developed to support more effective STR and TrR reporting and cross border information exchange between FIUs in Europe.
The Workshop was organised as a hybrid event and brought together over 60 participants, with representatives of the FIUs from 28 EU Member and EEA States, including Belgium, Bulgaria, Croatia, Cyprus, Czechia, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Lithuania, Liechtenstein, Luxembourg, Malta, the Netherlands, Norway, Poland, Slovakia, Slovenia, Spain, Romania and Sweden. Representatives from the Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA), and the European Commission represented by SG REFORM and DG FISMA, also took part. A team of Council of Europe experts presented both their mapping findings, recommendations for developing an SMDS and actively facilitated and worked collaboratively with other participants throughout the Workshop.
The Workshop discussions were organised around three major topics - mapping of the data requirements for STRs prepared by both financial and credit institutions and designated non-financial businesses and professionals (DNFBPs) and TrR submitted by financial and credit institutions, focused mapping of the data requirements for TrRs for payment and e-money institutions (PEMIs) and crypto asset service providers (CASPs/VASPs) and preliminary discussions on the possible grouping of data sets, formulation of definitions and attributes for the data points that will make up the SMDS. These topics were shown and explained by the Council of Europe experts.
During the first day of the Workshop, the Council of Europe experts presented the methodology and sources of information, scope and points for leveraging in the identification and selection of data points for use in the SMDS. During the tour-de-table sessions participants provided their feedback on the preliminary findings in terms of scope and approach, and discussions were held on specific topics including further refinement of the data, points and practical operational considerations for the SMDS’ introduction and future use.
During the second day of the Workshop, the Council of Europe experts presented on the possible grouping of data sets, formulation of definitions and attributes for the data points. The presentations covered existing definitions of terms and data points used in STRs and TrRs and possible aspects requiring further refinement and consideration. In the tour-de-table sessions, participants provided their views on the suggested core data fields and engaged in fruitful discussions with the Council of Europe experts.
As the next step, the project will continue work on developing the SMDS, aiming to discuss the first draft with the relevant stakeholders from both the public and private sector at a Workshop to be held in the first quarter of 2026.
The event was organised within the framework of the Technical Support Instrument initiative “Preparation of a common baseline for an Anti-Money Laundering / Counter Financing of Terrorism Reporting system”, co-funded by the European Commission's Secretariat-General, Structural Reform and Investment Task Force and the Council of Europe and implemented by the Council of Europe.