NCA has published a booklet summarising feedback from law enforcement agencies on their use of SARs, which it hopes will be informative in sharing perspectives on the use of SARs and sharing and encouraging best practice among reporters. The booklet also contains the most up to date glossary reporting codes.
The January 2021 edition includes case studies on:
- a DAML Sar, which was refused and enabled the enforcement agencies to apply for an asset freezing order for over £300,000. The suspicion was that funds handled by different companies were not being used for the purpose expected by their clients. The nature of the business could not be identified and further investigation showed the suspect was involved in the laundering of funds received from victims of investment and recovery frauds;
- a DAML SAR relating to transactions inconsistent with a customer’s profile, which ultimately led to the unravelling of a large-scale international money laundering operation and the discovery of a potentially illegal MSB;
- a DAML SAR involving numerous cash deposits into the account of a foreign student with no income, which led to an investigation into an unregistered MSB;
- a DAML SAR that resulted in a charge of extortion;
- information in a SAR that led to an investigation into tax evasion with over £300,000 to be retrieved;
- a SAR that led to a drug-trafficking conviction; and
- SARs relating to elderly customers who the reporters suspected of being used as money mules, which led to safeguarding steps being taken in respect of the victims.