UKFIU releases annual report on emerging crime

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AUSTRAC signs Memoranda with UK

The UK Financial Intelligence Unit [UKFIU] has released revisions made to its guidance on submitting better quality SARs’, covering:

  • SAR submissions (via the SAR online system)
  • The logical structuring of SARs and inclusion of all relevant information, transactional activity and details of any suspected associates
  • Amendments to the £250 threshold amount specified under s.339A of POCA, which has been increased to £1,000
  • Obtaining a defence against ML/TF
  • General submission and reporting guidance
  • Good practice examples

Firms should take note of the updates, ensuring that appropriate steps are taken to communicate these messages to relevant staff, and identifying whether any amendments are required to reporting controls.

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