In this episode of The Washup, we discuss how you report Suspicious Activity to the NCA, what happens next and the potential outcomes. We also discuss why it's important for all businesses, whether regulated or not, to understand their obligation to report suspicious activity as part of the Proceeds of Crime Act.
We also cover:
- Client confidentiality and money laundering
- What is a Defence Against Money Laundering (DAML)
- Tipping off
- Breaking bad!
To learn more about SARs here are a few useful links:
- https://www.nationalcrimeagency.gov.uk/what-we-do/crime-threats/money-laundering-and-illicit-finance/suspicious-activity-reports
- https://www.nationalcrimeagency.gov.uk/who-we-are/publications/647-sars-in-action-issue-19-april-2023
- https://www.lawsociety.org.uk/topics/anti-money-laundering/suspicious-activity-reports
