The UK Financial Intelligence Unit (UKFIU) has published its annual report on suspicious activity reports (SARs) for the period between April 2023 and March 2024. The annual report structure has been updated due to a number of key changes, including the new reporting portal which was introduced in September 2023, and changes to the UK anti-money laundering regulatory framework. Key points noted in the report were the uptick in the number of defence against money laundering (DAML) requests refused, indicating better quality DAML SARs were being submitted, and wider use of account freezing orders by law enforcement. In terms of the sector breakdown, banking and financial services firms (including e-money, payments and crypto) continue to comprise the majority of SAR reporters, being responsible for over 95% of SAR reports. The report also confirms that the UKFIU will continue to work towards delivery of the new SARs Digital Service, which will provide greater analytical capabilities.
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