The UK Financial Intelligence Unit (“UKFIU”) has published the “SARs Annual Statistical Report”, covering March 2022 to April 2023.

The report offers a thorough overview of the function of Suspicious Activity Reports (“SARs”) in notifying law enforcement of potential instances of money laundering and terrorist financing.

The analysis across various industry sectors including banking, DNFBP’s, asset management and more, highlights a decrease in SARs from 901,255 to 859,905, primarily due to a reduction in SARs from mainstream banks.

While there has been a decrease in SARs, the maintained magnitude of reports reinforces Suspicious Activity Reporting as a vital source of intelligence to support Anti-Money Laundering, Counter Terrorist Financing, and Anti-Fraud investigations.

Firms with UK operations and reporting obligations should read the updated UKFIU booklet to gain further insights into the necessity of Suspicious Activity Reporting.

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