New SARs Best Practice Guidance

The UK Financial Intelligence Unit (UKFIU) has published three new SARs Best Practice Guidance documents:

·         Chapter 1: Using the SAR Portal

·         Chapter 2: Submitting a SAR

·         Chapter 3: Understanding DAMLs and DATFs

The updated guidance, along with all other UKFIU resources, can be accessed via the NCA website here: Suspicious Activity Reports – National Crime Agency.  This guidance replaces all previous UKFIU guidance, which have now been withdrawn and should no longer be used.

All regulated entities are expected to:

·         Review the updated guidance carefully.

·         Update internal policies and procedures where required to reflect the new guidance.

The Law Society have also updated their suspicious activity reports  guide which explains how and when to make a suspicious activity report (SAR), what to include, how to request a defence against money laundering (DAML) and what happens if you fail to report suspicious activity.