Old codes are now obsolete – ensure you are using the right code!
NCA issue revised Glossary Codes for SARs reporting
From the 1st October, the NCA revised Glossary Codes for SARs reporting has applied. At the beginning of September the NCA issued its revised Glossary Codes and Reporting Routes for filing a Suspicious Activity Report (SAR).
The SARs regime is a route to report knowledge or suspicions of money laundering or belief or suspicions relating to terrorist financing. The use of the glossary codes is considered good practice and will allow for the UKFIU (UK Financial Intelligence Unit) and wider law enforcement to conduct analysis in order to identify money laundering trends and high risk cases, which will enable immediate action to be taken when necessary.
The NCA encourages the use of its glossary codes in order to help identify the nature of the reported offence. The revised Glossary and its codes have taken immediate effect. It is advised that when drafting your report, you include the appropriate code in the narrative of your report.