Suspicious Activity Reports (SARs) – the process, minimising delays and avoiding penalties
Webinar recorded live on
The average fine for non-compliance with anti-money laundering (AML) regulation in the estate agency sector has increased by 63.7%1. And the total value of fines has increased 980% in the last year2. So it is more important than ever to ensure your business is entirely compliant with legislation.
The number of Suspicious Activity Reports (SARs) dealt with by the National Crime Agency (NCA) in 2022 is expected to be as high as 850,000, which represents a huge increase versus the previous year. As a result average response times are much longer.
So in addition to avoiding fines and prosecution, a proper understanding of best practice around SARs can help you to minimise delays when reporting suspicious activity.
In this webinar we had two special guests joining us for a live, in-person conversation on the topic of SARs. You will have heard clear, concise guidance on submitting SARs from leading experts in AML regulation, who shared their top tips for ensuring your compliance.
On the panel:
Malcolm Driscoll
Senior AML Consultant at award-winning firm, FCS Compliance
With over 40 years’ service in the police in the investigation of serious and complex financial crime, Malcolm has an in-depth knowledge of how criminals seek to launder the proceeds of criminal activity on a global scale. He was an accredited NCA Mentor and Financial Investigator.
In this webinar, Malcolm helped attendees understand their legal responsibilities, the potential penalties, and when and how to submit a SAR.
Michael Jones
Senior Officer, Reporter Engagement in the UK Financial Intelligence Unit (UKFIU) and in the National Economic Crime Command (NECC) of the National Crime Agency NCA)
Initially posted to the NCA UKFIU’s International Team, Michael has first-hand experience of writing intelligence logs for use in overseas investigations. He now promotes SARs best practice for UK-based regulated institutions with the goal of increasing exploitation opportunities for law enforcement, both in the UK and abroad.
Michael discussed what happens to a SAR when received by the NCA, including the use of glossary terms and other key information that is used to help disrupt serious crime in the UK.
- Credas Technologies, 2022
- Credas Technologies, 2022
Supports CELA:
This session will support your learning and revision for the Level 3 Certificate for Sales and Lettings Agents – CELA.
Accredited CPD:
Watching this session LIVE will count towards your Continuing Professional Development (CPD) hours and will award you a CPD Certificate.
