UK: SARs stop £131m money laundering


November 8 2019

In its annual review of suspicious activity reports (SARs) handled by the UK Financial Intelligence Unit (UKFIU), the NCA said it had received and processed a record number of SARs (478,437) over the year, with a 52.72% increase in DAML requests, which totalled 34,543.

The £131.7m denied to criminals as a result of DAML requests marked a 154% increase on the previous year’s £ £51.9m.

The NCA reported that the pattern of reporting is changing. While the number of reports from lawyers and accountants remains low, the NCA has seen increased reporting from challenger banks and fintech companies.