Digital payments providers, money service businesses and credit card companies in the UK all filed less suspicious activity reports (SARs) last financial year, bucking an overall trend of higher reporting.
The soaring number of SARs showered on the National Crime Agency’s financial intelligence unit (FIU) has been the subject of controversy because of speculation it is driven by defensive reporting, but firms have argued that they get little feedback from authorities on the quality of their filings.
The FIU’s annual report on SARs, which was published on Thursday, shows that altogether the agency received a record 478,437 reports between April 2018 and May 2019.
Request a Free Trial
As a trusted source of regulatory intelligence for the global payments industry, we enable organisations to manage the growing volume and velocity of regulatory risk with confidence, empowering more informed and effective decision making, in an efficient and cost-effective way.Take a Trial