The UK Time newspaper has reported today (11/01/2019) that the National Crime Agency said yesterday. a record number of suspected dirty money cases were reported last year as awareness of Britain’s role in high-end financial crime grows, The number of suspicious activity reports rose by about 10 per cent to 463,938 during 2017-18, with a […]

The NCA has released guidance on submitting better quality SARs. http://www.nationalcrimeagency.gov.uk/publications/732-guidance-on-submitting-better-quality-sars/file?utm_source=Concep%20Send&utm_medium=email&utm_campaign=AML_newsletter_01/31/2017

Swiss national Jens Fred Sturzenegger, the branch manager for Falcon Private Bank in Singapore, has been charged with failing to report suspicious transactions and giving false information to authorities in connection with the scandal-plagued 1MDB Malaysian state wealth fund. 1MDB is currently under investigation in several countries after allegations arose that it was used to transfer state […]

The National Crime Agency (NCA) has published its Annual Report on Suspicious Activity Reports (SARs) covering the period from October 2014 to September 2015 (the Period). The UK’s NCA is the enforcement agency tasked with gathering, processing, analysing and disseminating information relevant to financial crime in the UK. The Fraud Intelligence Unit (FIU) is a […]

The UK’s National Crime Agency (NCA) has just published its 2015Suspicious Activity Reports (SARs) Annual Report and the figure that immediately catches the eye is that the SARs total continued its upward trend, rising by 7.8% to 381,882.  Just for comparison, from October 2010 to September 2011 the figure was 247,601, so that’s a pretty […]

On January 19, FinCEN issued an advisory, FIN-2016-A001, to provide financial institutions with guidance on reviewing their obligations and risk-based approaches with respect to certain jurisdictions. According to the advisory, on October 23, the Financial Action Task Force (FATF) updated two documents identifying the following: jurisdictions that are either subject to the FATF’s call to […]

As regulators globally become increasingly assertive in their enforcement activities, organisations in the regulated sector remain under the spotlight for the steps taken in response to corrupt practices. Compliance with anti-money laundering measures is a key part of this response, and one particularly difficult aspect is the need for such organisations to balance their reporting […]

From 1 June 2015, UK-based businesses will have greater freedom to report suspicions of money-laundering without risking liability to customers, due to an amendment being introduced to UK money-laundering law. The Proceeds of Crime Act 2002 (POCA) criminalises money-laundering in the UK. A regulated business, or a person working in such a business, commits an […]