News

U.K. financial institutions would have a hand in helping the government draft new guidance for filing suspicious activity reports, or SARs, as part of a new advisory board pitched Tuesday. In a 220-page report, the U.K. Law Commission advised retaining the basic framework for flagging suspected money launderers and terrorist financiers to the National Crime Agency, or NCA, but also recommended new guidance on reporting obligations after concluding that SARs too frequently contain little to no useful intelligence for investigators. A new advisory board consisting of U.K. officials, investigators and financial services industry professionals would draft the guidance, according to...