Webinars by Practice Area
New UKFIU SARs portal launches
Recorded on: 23/11/2023
Suspicious Activity Reporting (SAR) to the National Crime Agency’s Financial Intelligence Unit (under the anti-money laundering legislation) has been with us since the early 2000s. It has always proven to be a bit of a headache for those in the legal profession who have to use and file them. In those instances when lawyers do feel the need to report a suspicious matter or transaction, the process for doing so has been cumbersome and more obviously directed at the banks and other financial institutions that historically have been the main reporting source. The complexity of the system is demonstrated by the frequent publication of guidance notes on how to compile the reports.
But things have now become easier with the launch of the new SARs Portal on 18 September 2023. Users will have to register to use it, as the old legacy system of SARSOnline has become redundant. Once registered, users will have a range of options to select from dropdown menus, questions to answer and tick boxes from which to select – making the process easier to navigate and more helpful to the NCA.
This webinar will explore:
- What the new Portal offers
- The registration process
- 9 areas of information to complete
- Do we still need Glossary Codes?
- Do we get an automatic acknowledgment?
- Key drafting factors to bear in mind