New SARs Glossary codes and reporting routes published
The UK Financial Intelligence Unit (UKFIU) has published new Glossary codes and reporting routes.
The revised booklet replaces all previous publications. There are new codes for SARs where the value is less than £3,000 and where you are unaware of any existing law enforcement interest at the time of reporting. The UKFIU has also highlighted the Glossary code for SARs relating to modern slavery and human trafficking and victim refunds.
The use of glossary codes is considered good practice. They are crucial for enabling the UKFIU and wider law enforcement to conduct analysis to identify money laundering trends, high risk cases for development and take immediate action where necessary. They also enable the production of feedback to reporters on trends and patterns identified in SARs. When submitting a SAR, the relevant glossary code should be included in the ‘Reason for Suspicion’ text space. It is acceptable to have a SAR with several codes. If in doubt as to whether a particular code applies, always work on the basis that it is better to include one than not. It is also possible that a code does not match the set of circumstances faced by the reporter so in some cases it is acceptable that “no codes apply” be populated into the ‘Reason for Suspicion’ text space.