My Guidance on SAR to Boost Your AML Knowledge in 9 Minutes
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- Опубліковано 17 чер 2024
- If you are looking for a video to help you with guidance on SAR related processes including when, why and how SARs should be submitted this is the right video for you.
From this video you will get guidance for SAR aspects based on my own review of the "Introduction to Suspicious Activity Reports", a publication released in September 2021 by the UK FIU and the NCA.
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▬▬ CHAPTERS ▬▬
0:00 - Guidance on SAR Intro
1:44 - What is a Suspicious Activity Report?
2:27 - Why firms must submit SARs?
3:24 - When to submit a SAR
3:39 - SARs in the regulated and unregulated sector
5:48 - Non regulated firms obligations
6:57 - Can I inform my client about the SAR?
7:55 - Submitting a SAR on the NCA SAR Online portal
✅ References:
Introduction to Suspicious Activity Reports (SARs): nationalcrimeagency.gov.uk/wh...
Da Silva COURT CASE: www.bailii.org/ew/cases/EWCA/...
NCA SAR Online portal: www.ukciu.gov.uk/(yj2itlqb3yv...
🌐 Connect with Me: linktr.ee/fincrimeagent
DISCLAIMER
This video is intended for general informational or entertainment purposes only. The information in this video is not intended to replace legal advice. The views and opinions expressed in this video are those of the speaker/s and do not necessarily reflect the original policy or position of people, institutions or organizations that the speaker/s may or may not be associated with in professional or personal capacity, unless explicitly stated. Furthermore, no endorsement of any criminal activity is expressed or implied.
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© Marco Beranzoni - All rights reserved
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#AML
Great video!! Thank you
Thank you for watching Adriane, glad this video was useful to you 👍🏻
Thank you for your videos I learned a lot from it!
Thank you for sharing your feedback 👍🏻 I’m glad this video was useful to you 🙂 Thanks for watching and feel free to suggest new content!
Well explained thank u
Thanks for your feedback 👍🏻🙂
Greatest knowledgeable video
Thank you for your positive feedback 👍🏻 I’m glad that my content are useful to you 🙂
Thanks 🙏
You are very welcome Hika 🙂
Best channel. Previously I had a doubt about difference between what is UAR and SAR probably I came to know about SAR now I want to know about UAR unusual activity report
Hi Saradhi, thanks for your comment.
I can reply about your clarification on SAR vs. UAR based on my past experience working for global financial institutions. Essentially a UAR (unusual activity report) is a method to highlight to the compliance team unusual activities. UARs can be initiated internally by staff of even by customers. Once an investigation triggered by UAR is completed and the risk is effectively confirmed as “suspicious” a SAR or STR can then be filed. Often you will see in official financial crime MI and reports going to the AML / risk committees figures showing a ratio UAR / SAR. This is normally used to determine how effective is the UAR reporting process on place by the bank. So to recap, UAR are only used internally whereas SAR and STR are the actual regulatory reports externally submitted to the relevant crime agencies. Pls let me know if this is clear 👍🏻
@@FinCrimeAgent thank you soo much for the clarification. I wish you to do more and more videos like this to educate us. Once again thank you soo much 😊
@@pardasaradhi1001 you are most welcome! Glad that my knowledge sharing contents are useful - feel free to re-post any of my videos on your socials 🙂
most helpful video.
make video on transaction monitoring case study.
FinCrime Agent The best channel for AML related content.
plz make video on TMrole and interview questions too
Hi! Thank you for your nice words about my channel 🙂 I will definitely put your request on my list of new content to publish 👍🏻 Pls bear with me as I have a bit of a queue also from other requests. Thanks for suggesting, I always appreciate inputs from my viewers.
Hi Najeer, this video ua-cam.com/video/NcqIG-rD9L0/v-deo.html was published a few weeks ago on my channel with an interesting AML case study. Since you raised the request to see a video focused on a case study you might be interested in that contents. I hope you find useful those contents from my discussion with Francisco.
Well explained 👏👏👏
Thank you for your positive comment. I’m glad to hear that it was clear 👍🏻
@@FinCrimeAgent nice video
Thank you 👍🏻🙂
I did one mistake withdrawing 20000 euros from my bank account 3 months ago while leaving Germany for a good. I did not have a bank account in a new country, therefore was forced to withdraw all my money from my German bank account. Now, I read on the Internet that it could be considered suspicious activity and SAR could be reported by the bank. I am not sure if SAR has been submitted to FIU by the bank. Of course, this is confidential between the bank and FIU so it is not possible to ask the bank about it.
My question is, usually how long does it take when FIU will check that transaction? Will I be informed and asked questions about it if they find something suspicious, or they simply send it to the prosecutor's office? I need to mention that, the only source of income on that bank account is my salary which could be seen from bank statements.
I have already left Germany and the EU as well. What could happen in worse case? Interpol will search me or?
Hi RR, thanks for reaching out.
It is understandable that you are concerned about the withdrawal of 20,000 euros from your German bank account before leaving the country, and the potential for it to be considered suspicious activity.
Firstly, it is important to note that yes, banks have an obligation to report suspicious transactions to the Financial Intelligence Unit (FIU) in their respective jurisdiction. However, the fact that a transaction is reported to the FIU does not necessarily mean that it is illegal or that you will be subject to any legal consequences.
Regarding the timeline for when the FIU will check the transaction, it varies depending on the workload and priorities of the specific FIU. However, generally speaking, if the transaction is deemed to be suspicious, the FIU should review it in a timely manner.
If the FIU finds something suspicious about the transaction, they may conduct further investigations and may reach out to you for more information. However, if you have already left Germany and the EU, it may be quite difficult for the FIU to contact you. In this case, they may continue their investigation and, if necessary, may share their findings with law enforcement agencies.
The fact that you withdrew your salary from your bank account may support the legitimacy of the transaction. However, this does not guarantee that the transaction will not be flagged as suspicious.
In terms of the worst-case scenario, it is difficult to predict what may happen without knowing all the specific details of the situation. However, based on what you mentioned in the comment sounds unlikely that Interpol will search for you based solely on this transaction where funds into the account were mainly deposited from your salary.
If you are still concerned, it may be helpful to seek the advice of a legal professional who can provide more specific guidance based on the details of your situation.
I hope this is helpful.
Thanks for watching my videos!
what is NCA ?
Hi Anand, thanks for commenting on the video. That is the National Crime Agency on the UK www.nationalcrimeagency.gov.uk/
It should be illegal for banks to spy on their customers this way. SARs should be banned.
I understand your concerns about privacy, but monitoring financial activities through SARs (Suspicious Activity Reports) is a key tool for preventing money laundering and other illegal activities. It's a matter of balancing individual privacy with the broader need to protect the financial system and prevent crime. Please do keep in mind that banks are required to follow strict regulations to ensure that this monitoring is done responsibly and legally. How do you think we can effectively prevent illicit activities without such monitoring in place?
@@FinCrimeAgent SARs are blatantly unconstitutional. If the government wants information about a person’s accounts, they should get a warrant. But that was too much hassle so they force banks to do it.
Hi thank you for the video, i would like to get some guidance from you regarding FINCRIME QA analyst how should i connect you?
Thank you very much❤
Hi! Thanks for reaching out.
If you are referring to Questions & Answers specific to the recruitment phase, on my channel I have a playlist with some videos providing important Q&As for several roles in the industry. This is the link to that playlist:
ua-cam.com/play/PL0Pufzwcosu-lBiBf0-UlDzhyRRL6UPlK.html&si=8Xm2QourwdA7Ovnz
Also (spoiler alert) ... there will be a new video going live soon with more Q&As for sanctions roles. If you have other specific questions feel free to let me know here or get in touch via LinkedIn.
Thanks for interacting and watching my channel! Marco