Last updated: 05 Jan 2024 04:00 Posted in: Anti-money laundering
Each year AIA Members in Practice must submit an Annual Declaration relating to their firm, internal controls, and clients. As part of this Annual Declaration AIA requests information on the number of Suspicious Activity Reports (SARs) made in the past 12 months and their general categorisation.
A SAR is required when, during the course of their business in a regulated sector, a relevant employee (e.g. a Member in Practice) develops a suspicion of a crime with proceeds. More guidance on each of these elements is contained within Anti-Money Laundering Guidance for the Accountancy Sector (AMLGAS).
David Potts, AIA Director of Operations & MLRO, said “AIA Members in Practice have identified a range of suspicions and reported these via the appropriate channels in the past 12 months. SARs are a vital source of intelligence not only on economic crime but on a wide range of criminal activity. As a Professional Body Supervisor AIA highlights the importance of spotting and reporting suspicious activity, and provides guidance and support to Members in Practice to support this role.”
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