Skip to content

News

Enhancing SAR submission: NCA’s new system for financial crime reporting

NCA new SAR Portal
Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn

Starting 4 March 2024, the National Crime Agency (NCA) is rolling out a new system for Suspicious Activity Reports (SARs). The current SAR Online System will be replaced by the SAR Portal at 2:00pm GMT. This change is essential, especially for UK SAR reporters who must register for the SAR Portal before the deadline.

Any firms classified as UK SAR reporters who haven’t registered for submitting SARs via the new SAR Portal must take action before the deadline. Additionally, firms must ensure that any draft SARs started on SAR Online are either submitted or transferred over to the SAR Portal before 2:00pm GMT on 4 March 2024, to avoid losing them.

SARs are crucial for identifying money laundering and terrorist financing. They provide important information to law enforcement, helping to catch criminals and prevent future crimes. From spotting sex offenders to tracking down murderers, SARs are vital for stopping illegal activities.

The move to the SAR Portal is about making reporting easier and more secure. With over 460,000 SARs received each year, the new system will make the process smoother for everyone involved. It’s designed to help financial institutions and professionals meet their reporting obligations without hassle.

Reporting SARs isn’t just a legal duty; it’s about protecting the financial system. Whether you work in finance or suspect something suspicious, reporting on time is crucial. SARs help authorities catch criminals and prevent further harm.

The NCA is here to support SAR reporters through this change. Additional registration and SAR submission guidance are available via the NCA SARs website here.

See the following links for further information:

New reporting portal – https://sarsreporting.nationalcrimeagency.gov.uk/

New Presentation of SAR Data – https://www.nationalcrimeagency.gov.uk/who-we-are/publications/634-new-presentation-of-sar-data-user-guide-c/file

How to Register guide – https://www.nationalcrimeagency.gov.uk/who-we-are/publications/635-new-sar-portal-how-to-register-guide-b/file

How Neopay can help

The transition to the NCA’s SAR Portal marks a step forward in the fight against financial crime. It’s essential for firms and SAR reporters to adapt swiftly to the new system to ensure seamless compliance and uphold the integrity of our financial systems.

At Neopay, we understand the complexities involved in financial crime reporting and compliance. Our expertise and tailored solutions can assist firms in navigating through these changes with ease. Whether it’s providing guidance on registration, assisting in SAR submission, or offering comprehensive compliance support, we are dedicated to empowering businesses to meet their regulatory obligations effectively.

If you need advice on risk and mitigations in respect of anti-money laundering (AML), counter-terrorist financing (CTF), or any other regulatory issue, we can help.  Our Integrated Managed Service provides advice on day-to-day compliance issues as well as helping you to review and update your compliance program regularly. Our team of experts stays up-to-date with the latest regulatory developments and can provide guidance on any changes that may impact your business. Contact us to find out more.

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn

Related Posts

What’s happening with the FCA and AML?

With the change in the anti-money laundering (AML) supervisory approach of the Financial Conduct Authority (FCA), many firms are nervous about whether they will face FCA scrutiny and what to
Read More >

Reminder: Consumer Duty board reports due 31 July 2024

As the one-year mark of the Consumer Duty’s implementation approaches, firms are reminded that the first board reports on Consumer Duty implementation and outcomes are due by 31 July 2024.
Read More >