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New SARs Glossary codes and reporting routes published

Author: Professional Standards

Published: 11 Nov 2019

The UK Financial Intelligence Unit (UKFIU) has published new Glossary codes and reporting routes.

The revised booklet replaces all previous publications. The UKFIU has implemented three new SAR Glossary Codes for reporters as a result of the increased threat posed by organised crime groups (OCGs) seeking to exploit the COVID-19 situation by means of fraud. These are codes relating to HMRC self-assessment tax refund system, the government priority schemes and a general COVID-19 code. The May 2020 version of the glossary codes provides additional clarification of when, and how, these COVID-19 codes should be used.

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.