SAR Glossary Codes

IPA Insolvency Practitioner newsletter AML Digest, November 2022

Contents

• David Holland, Chief Inspector and IPA Money Laundering Reporting Officer
• AML 2021/22 Annual Report and 2022/23 Sector Risk Assessment
• Awareness of CEO fraud and impersonation frauds
• Amendments to the 2017 Money Laundering Regulations
• SARs Reporter Booklet
• Ongoing monitoring and review of a business relationship – Reg 28(11) Money Laundering Regulations 2017
• Accountancy AML Supervisors’ Group alerts
• Sanctions
• SAR Reform Programme
• Renewals
• Supervisory work for 2022/23
• ISS AML training and IPA Learning

For SAR reports to be useful to the NCA, reports should include glossary codes to help assign the report to the right authority. For example, the code XXSNEXX  should be used where you suspect the activity is consistent with money laundering and is linked to entities sanctioned by the UK, US, EU and other overseas jurisdictions. The SAR codes were updated in June 2022 and the new list replaces the list previously published.