From: RegTech Analyst
The UK’s National Crime Agency has called for an overhaul of the money laundering reporting system to deal with low-quality or unnecessary warnings.
The NCA’s call to reform the system echoes that of the Financial Action Task Force that made a similar call in 2018, the Financial Times reported.
While the UK’s Home Office has said that it has launched a programme to transform the suspicious activity, or Sars, system, Ian Mynot, head of the NCA’s financial intelligence unit, said more had to be done.
“A tendency to defensive reporting from some parts of some sectors is one of several issues we are considering in Sars reform,” he said. “We will also continue to provide targeted outreach and guidance across the various reporting sectors to promulgate best practice and improve the quality of reporting.”
There were 573,085 reports in the year to March to alert British authorities to suspected financial crime.
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