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New SAR Portal

compliance challenges faced by firms post-FCA authorisation
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As part of the SARs Reform Programme, a new and enhanced SAR Portal has been developed for submitting suspicious activity reports. The first 30 reporting organisations were invited to use the new SAR Portal from April 2023, with initial user feedback indicating a largely positive user experience. Reporters commented on the usefulness of guidance materials and support provided by Programme.

From June onwards, the number of organisations that were invited to onboard to the new SAR Portal has gradually increased. The increase in organisations using the new Portal has allowed the programme to test system performance and demonstrate that the new Portal can successfully operate at larger volumes, ahead of being made available to the public. To date, over 200 organisations are successfully using the SAR Portal, with 88% reporting overall satisfaction with the Portal. Specifically, the new glossary codes section has been identified as “very beneficial”, as well as the overall structure and amount of capturable information the new SAR Portal offers.

The SARs Programme is now turning their attention towards preparing for the public launch of the new SAR Portal, planned for Autumn 2023. At this point, all organisations will be able to register and start using the new Portal to submit suspicious activity reports. Further details and confirmation of the date will be announced in the coming month.

All guidance materials on registering and using the new SAR portal, including user guides, FAQs and videos, can be found here: New SAR Portal Guidance (nationalcrimeagency.gov.uk). If you have any further questions, please get in touch via mailto:SARsITTransformation@nca.gov.uk.

 

Source: UKFIU

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