The United Kingdom's National Crime Agency (NCA) will test a new approach to handling suspicious activity reports (SARs) in its efforts to combat rampant money laundering through British banks. Under the new program, 10 of the country's largest banks will voluntarily pass on details of the accounts and financial transactions of people suspected of money laundering and other serious offenses, according to Keith Bristow, director general of the agency. The year-long pilot scheme will commence in February, and could include more banks if successful, Bristow said in a story in the Evening Standard Monday. Participating banks were not named, but...
British lawmakers raised doubts Tuesday about plans to hand a national law enforcement agency jurisdiction over counterterrorism cases amid reports that it had mismanaged the country's database of suspicious activity reports.
Small British banks are failing to effectively implement anti-money laundering (AML) and sanction risks controls, despite extensive work over recent years to address key issues, the United Kingdom's financial regulator has found.
The U.K.'s top law enforcement agency will no longer accept incomplete request forms from banks seeking approval to process transactions potentially violating legislation against financial crime and terrorism.