Money laundering supports human trafficking, terrorist financing and other serious crime.

If you’re suspicious or identify any red flags, consider filing a Suspicious Activity Report with the National Crime Agency.

Investigations are often based on multiple SARs and your SAR could be the missing piece of the puzzle.

What to look out for:

Clients – are they overly secretive or evasive? Do they refuse to provide all the necessary information and documents? Are there inconsistencies in what they say?
Funds – is the amount and source of funds unusual? Is the client using multiple bank accounts or foreign accounts without good reason? Are the funds received from or sent to high-risk countries?
Transactions – are there discrepancies in client transactions? Is the client involved in transactions which do not correspond to their normal professional or business activities? Are the transactions unusual because of their size, nature, frequency, or manner of execution?

Resources

1. What is a SAR and why do I need to submit one?

2. Know your Glossary Codes

3. Reason for Suspicion

4. Best practice for completing the criminal / terrorist property section

5. Best practice for completing the prohibited act section

6. What happens after you submit a DAML or DATF?

We encourage you to view the videos and also share this link with relevant colleagues.

 

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