Increase in suspicious activity reports
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The National Crime Agency’s UKFIU Suspicious Activity Reports (SARs) Annual Report has revealed a 21 per cent increase in SARs in the year ending 31 March 2022, and a 120 per cent increase in funds denied to suspected criminals as a result of Defence Against Money Laundering Requests (DAMLs). Kingsley Napley criminal litigation partner, Jonathan Grimes, said the SARs regime is a “vital component” of the fight against financial crime. “Although AML compliance is gradually becoming embedded as a part of business as usual, understanding how to submit effective SARs – including DAMLs – is more important than ever”.