If you work within the regulated sector, you may know that during the last 12 months, the UK Financial Intelligence Unit (UKFIU) has worked with the reporting sectors towards improving the quality of Suspicious Activity Reports (SARs).
This has included:
- dissemination of guidance review products;
- working closely with some of the sectors to show the requlators and trade bodies actual instances of poor quality; and
- presentations to reporters and regulators.
Unfortunately, these activities have not been successful in improving the quality of the SARs requesting consent. Consequently, the UKFIU has decided to bring in a new process in order to reduce the delays which impact on all areas of the SARs Regime.
Therefore as of 1 October 2014, for those SARs requesting consent which are missing the reason for suspicion or fail to identify the nature of the criminal
property, the case will be closed without further engagement from the UKFIU.The reporter will be sent a letter from the UKFIU explaining which parts of the
information are missing and that your case is closed.
So, as an accountant, banker or property agent (residential or commercial) this piece of information will be important for you. Your Money Laundering Reporting Officers need to be up to date, trained and ready to ensure that they are being as detailed as possible in their SARs - if they have requested consent to proceed, delays could occur if the report is not compliant.
If you have any questions about this NCA requirement or about Anti-Money Laundering Regulations as a whole – please feel free to contact me by commenting below, by email or by calling my team or myself on 01604 828 282 (Northampton) or 01908 660 966 (Milton Keynes).