- My LS
SARS in Action magazine: the legal profession and SARs
The chair of our Money Laundering Taskforce, Amasis Saba, was featured in the June 2021 issue of the UK Financial Intelligence Unit’s (UKFIU) SARs in Action magazine.
His article discusses the legal sector’s use of suspicious activity reports (SARs) and some of the complexities faced by the profession.
He looks at the data behind concerns that the legal sector under-reports, and examines some common SARs scenarios that the legal profession encounters.
The scenarios cover:
- the role of customer due diligence (CDD)
- the impact of privilege and privileged circumstances
- when to seek consent from the National Crime Agency (NCA)
Other articles in this issue look at how SARs are being used to tackle the rise in intellectual property crime and the progress of the NCA’s SARs reform programme.