We have published our Q4 2023 Suspicious Activity Report (SAR) Statistics Quarterly Report, which aims to provide insight, trends, feedback, and scenarios to submitters based on SARs to us.
The report includes a breakdown of predicate criminality, the number of SARs by reporting sector, consent request and grounds for disclosure and a new TF typology based on the legal sector.
Key statistics:
- Overall, 449 SAR reports were received by us in Q4 of 2023, which represented a 28% increase compared to the same period in 2022.
- The Banking sector remains the most significant reporting group, with 52.3% of all SARs submitted in Q4 2023.
- This was followed by the Trust and Corporate Service Provider (TCSP) sector, with 26.5% of all submissions.
As always, high-quality SARs with detailed and relevant data (provided in the correct format) are both a legal requirement and vital in the collective fight against financial crime.
SAR submissions provide an essential trigger for the FIU to further assess, analyse and develop information and suspicion to provide clearer insight and intelligence on a range of threat actors and their financial crime activities, illicit finance trends, emerging threats and ongoing risk understanding.