The UK Financial Intelligence Unit (“UKFIU”) has published ‘Guidance on submitting better quality Suspicious Activity Reports (SARs)’.
The document, which should be read in conjunction with guidance found on the NCA website, provides guidance to firms with reporting requirements on:
- How to submit a SAR;
- The basic structure of a SAR;
- Obtaining a defence against money laundering or terrorist financing; as well as
- General guidance, good practice tips, and examples.
Firms can read the guidance to inform and improve their SARs submission processes.