Suspicious Activity Reports (SARs) alert law enforcement to potential instances of money laundering or terrorist financing. SARs are made by financial institutions and other professionals such as solicitors, accountants and estate agents and are a vital source of intelligence not only on economic crime but on a wide range of criminal activity. They provide information and intelligence from the private sector that would otherwise not be visible to law enforcement. SARs can also be submitted by private individuals where they have suspicion or knowledge of money laundering or terrorist financing.
The UK Financial Intelligence Unit (UKFIU) has published three new SARs Best Practice Guidance documents:
It is important to note that this updated guidance replaces all previous UKFIU guidance, which has now been withdrawn and should be disregarded.
This is a change to the way in which Suspicious Activity is reported, but RisqAML are here to help! Let us guide you through the best practice process, and help ensure that your firm stays compliant.
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