Suspicious Activity Report Template
Jun
Why use a Suspicious Activity Report Template? It provides the confidence to know that you are collecting, documenting and submitting the right data, in the right format, to the right governing body. It will also save you time and money buy joining 10,000+ firms who already use our templates!
Reporting Suspicious Activities
Businesses with obligations under the Proceeds of Crime Act 2002 (POCA) and the Terrorism Act 2000 must submit a Suspicious Activity Report (SAR) in certain situations. The relevant data must be submitted where a firm has concerns over potential or actual suspicious activities. Suspicions must be recorded and reported for those engaged in, or attempting, money laundering, terrorist financing and/or tax evasion.
SAR procedures are essential for the prevention of tax evasion, money laundering and terrorist financing. This includes anti-fraud, anti-corruption and anti-bribery. Effective suspicious activity reporting procedures go hand in hand with a firm’s controls for anti-money laundering, risk assessment and due diligence.
National Crime Agency (NCA)
The Serious Organised Crime & Police Act 2005 came into effect in 2005 and created the National Crime Agency (NCA). The NCA is responsible for gathering intelligence regarding the proceeds of crime and financial information arising from suspicions of money laundering.
Businesses with anti-money laundering obligations must report suspicious activities and transactions to the NCA. SARs are made by a Money Laundering Reporting Officer (MLRO) or Nominated Officer (NO).
Summary of a Suspicious Activity Report (SAR)?
An SAR should always contain detailed, relevant and informed information. A summary of each section can also be provided to make the content easier for the person(s) reading the report. Contact details and reasons for suspicions must be included. Best practice will include: –
- Reporting company details.
- Details of the subject or legal entity being reported.
- Details of the suspicious activity and any transactions (where relevant).
- Any additional details relevant to the disclosure.
- Reason(s) for disclosure.
It is also best practice to inform any law enforcement or government agency who may be best placed to use or act on the information provided to the NCA if applicable. The SAR should be submitted as soon as is practicable. The report can be submitted in any format, including by post, fax or via the NCA website using the SAR Online system.
Suspicious Activity Reporting Template
Know Your Compliance Limited has been providing regulatory compliance templates for more than 10 years. With over 10,000 businesses already using our documents, you’ll be in good company when you buy from us! We specialise in Anti Money Laundering Policies & Templates, with a suite of toolkits to suit all business types.
Templates are developed using the Money Laundering Regulations and supervisory authorities such as HMRC and the FCA. Templates are provided in a compatible Microsoft Office format, with Excel being used for checklists and registers. Fully customisable, affordable and compliant.
Our exclusive Suspicious Activity Reporting Template can be purchased as a standalone document or comes included in any of our AML Toolkits. Anti money laundering template toolkits start from just £55 (+vat) for our standard AML Policy Pack, through to our comprehensive AML Document Toolkit with 30+ policies, templates, checklists and tools.
