AML Supervisors To Scrutinize Suspicious Activity Reports

By Irene Madongo (June 16, 2022, 3:48 PM BST) -- British regulators and other institutions responsible for preventing money laundering should be allowed to access and view the suspicious activity reports that companies send to a National Crime Agency unit to strengthen their work, the Treasury announced on Wednesday.

HM Treasury has approved proposals to amend local anti-money laundering regulations so that there can be a "clear legal gateway" for supervisors to be able to directly receive reports from firms under their remit, and also consider the quality of their content, the government said in a consultation response.

Permitting this will help to standardize the approach to accessing suspicious activity reports,...

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