Suspicious Activity Reporting: A Practical Guide to SARs in Financial Services

Introduction

Financial crime continues to be a focus of the international community, the treasury and the FCA.

Financial services firms and those that work for them are considered as the market’s first line of defence. As a result, Suspicious Activity Reporting is one of the most important obligations placed on anyone working in the financial services, legal and accountancy sectors. Under the Money Laundering Regulations 2017, the Proceeds of Crime Act 2002 and the Terrorism Act 2000, employees in these sectors have a legal duty to recognise and report suspicions of money laundering or terrorist financing. The FCA, soon to be the overarching regulator in this area, expect firms and their staff to know what to look for, what to do when something doesn't add up and how to report it correctly without compromising any investigations.

This training session provides a practical grounding in the Suspicions Activity Reporting (SAR) regime: the legal framework behind it, the red flags that trigger enhanced due diligence and the potential need to report. It looks at how your firm's internal reporting process aligns with the role and obligations of the Money Laundering Reporting Officer, the rules around tipping off and the process of making a National Crime Agency Defence Against Money Laundering request for consent.The course content is supported by real-world scenarios and a short knowledge check. On completing the course, you will know and understand what is expected of you and your firm.

What You Will Learn

This live and interactive session will cover the following:

• Explain the legal duty to report suspicious activity under the Money Laundering Regulations 2017, POCA 2002 and the Terrorism Act 2000
• Identify common risk indicators/red flags of money laundering and terrorist financing in customer behaviour, transactions, products and documentation.
• Describe the firm's internal reporting process and the role of the Money Laundering Reporting Officer (MLRO)
• Understand the offence of tipping off
• Recognise the operation of Defence Against Money Laundering (DAML) requests and the consent regime
• Apply this knowledge to realistic scenarios and know what to do

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.