Suspicious Activity Reports (SAR)
A defence is available to the principle money laundering offences prescribed by ss327-329 Proceeds of Crime ACT 2002 (POCA) if a consent to the dealing is granted by the Serious and Organised Crime Agency (SOCA) in response to the submission of a SAR.
Further, every person working in the regulated sector has a legal obligation to report suspicious financial activity that might indicate money laundering. The report is made by submitting a SAR to SOCA using its prescribed form found on its website.
It is also an offence to disclose the fact that a SAR has been made, known as the “tipping off” offence.
Offences of failing to report and tipping off carry a maximum sentence of 5 years imprisonment.
Since the introduction of POCA the number of SARs has significantly increased. According to figures published by the SOCA the number of SARs filed in 2002 was 64,164; in 2012 that figure was with a gradual rise in reports from the banking sector.
We are available 24/7 and can assist with:
- Providing advice on whether a payment or transaction needs to be reported
- Completing the appropriate reports
- Providing advice as to whether a payment or transaction requires consent through the submission of a SAR
- Training staff to detect and report warning signs of criminal conduct that may necessitate a SAR being made to protect your business.