Suspicious Activity Reporting Seminar

Last week the Commission and the Financial Investigation Unit held a co-sponsored seminar entitled “Suspicious Activity Reporting” (SAR) which covered Trends, Tips, Analysis and Engagement. The purpose of the seminar was to provide industry, and particularly Money Laundering Reporting Officers, with the latest information in relation to SAR and the main areas which were covered included: -

•  The law surrounding SAR and new, proposed changes to legislation.
•  Best practice in relation to the preparation of SAR and the use of THEMIS.
•  The Commission’s expectations relating to firms’ compliance arrangements regarding SAR.
•  On-site AML/CFT visits and the Commission’s role in tackling, with industry, vulnerable areas identified by SAR.

In excess of 300 people responded to the invitation to attend the seminar which was held at the Commission’s offices on Thursday 8th May. The demand was such that three separate sessions were run during the day.

Speaking after the event, Samantha Sheen, the Commission’s Head of its Financial Crime and Authorisations Division said “the response to the invitation was extremely pleasing and judging by the reaction of those who attended, the seminars seemed to be well received. This is a great example of how the Commission works with both Law Enforcement and industry in order to to achieve a good outcome for the Bailiwick.”

Phil Hunkin, the Head of the Financial Investigation Unit said “the seminar was an excellent opportunity for Law Enforcement to continue to update industry on current trends and issues. Working in collaboration with the Regulator is an efficient and effective way of communicating with Industry.”