Suspicious activity reports

Suspicious activity reports are on the increase

The National Crime Agency (NCA) has published its Suspicious Activity Reports (SARs) Annual Report 2015.

It is perhaps unsurprising that the volume of SARs submitted to the UK Financial Intelligence Unit continues to rise annually; last year was no exception, with the total number of SARs received during the reporting period increasing by 7.82% on the previous year.

The largest submitter of SARs continued to be the banking sector, making up 83.39% of all SARs received.

Accountants’ and tax advisers’ SARs reporting showed a slight decrease, down from 4,930 to 4,618 (1.21% of the total).