Syed Rahman of Rahman Ravelli summarises what the National Crime Agency has published.
The National Crime Agency (NCA) has published updated guidance relating to suspicious activity reports (SARs) and defence against money laundering/terrorist financing (DAML/TF) requests.
The new guidance, which has been published via the NCA’s UK Financial Intelligence Unit (UKFIU), replaces the guidance and FAQ documents that had been made available previously. These have now been withdrawn.
The guidance focuses on three main areas:
- Using the SAR portal – including detailed information on registering for the portal, using it and navigating the reporting system.
- Submitting a SAR – this includes advice on completing an SAR on the portal, gives explanations and definitions of the relevant terms and offences, and explains the purpose of the UK SAR regime.
- Understanding DAMLs and DATFs – this explains what a defence request is, how to make one, the process once one has been submitted, and exemptions to the requirement to submit a DAML request.
The revised guidance may make the process seem more straightforward to those who have the obligation to make SARs. It may also help them better understand why the SAR regime is in place. As a result, it could improve the quality of SARs, and provide law enforcement agencies with better, more timely intelligence with which to begin investigations.
