Following Years of Record Highs, UK SAR Volume Finally Drops

Koos Couvée
London Bureau Chief

The annual volume of suspicious activity reports filed by financial institutions in the U.K. dropped from a record-high of 901,000 submissions from April 2021 through March 2022 to fewer than 860,000 over the 12 months that followed. In a 15-page report Thursday, the U.K. Financial Intelligence Unit, also known as UKFIU, attributed most of the drop, the first in at least a decade, to a decline in reports from banks, which filed 562,000 SARs from March 2022 through April 2023 after filing 638,000 in the preceding 12 months. Corporate services providers, casinos and money services businesses also submitted fewer SARs,...