The latest issue of the SARs Reporter Booklet (March 2025) has been published by the National Crime Agency (NCA) and is essential reading for ICB members.
You can download the report here.
Garry Carter comments:
“This report is a must for ICB members. It provides useful information across the SAR landscape and illustrates how your SARs lead to action being taken against criminals. Please ensure that you, and your staff, read and understand it.”
SARs: Dos and Don'ts for Bookkeepers
If you suspect suspicious activity, knowing the right steps to take is essential. Here is a quick guide:
Do
- Assess the situation and look for red flags such as unusual transactions or missing information
- Speak to a member of the ICB AML team who will be able to advise you of the appropriate course of action
- Report concerns internally if you have a Money Laundering Reporting Officer
- Submit a Suspicious Activity Report to the National Crime Agency if necessary
- Request a Defence Against Money Laundering if you need consent to proceed with a transaction
- Keep a copy of your SAR for your records and the ICB AML team
Do not
- Ignore or dismiss suspicious behaviour as this could put you at risk
- Inform the client about the SAR as this is tipping off and is a criminal offence
- Share SAR details with anyone outside the proper channels
- Delay your report as timely action is crucial for compliance
While Suspicious Activity Reports (SARs) are, fortunately, not a frequent occurrence for ICB members, it is essential that you and your team are fully prepared to respond appropriately should a suspicious situation arise.
If you are unsure, consult the ICB AML team for guidance. Your role in preventing financial crime is vital. Email the team on aml@bookkeepers.org.uk, or telephone ICB on 0203 405 4000.
