Category:
Industry Insight
We have published our Q1 2024 Suspicious Activity Report statistics, which aims to provide submitters with insight, trends, feedback, and scenarios based on the SARs received by the FIU Jersey. The report includes a breakdown of predicate criminality, the number of SARs by reporting sector, consent requests and grounds for disclosure and a new ML typology based on corruption.
- Overall, the FIU received 465 SARs in Q1 of 2024, representing a 35% increase compared to Q1 in 2023 and a 4% increase compared to Q4 2023.
- The Banking sector remains the most significant reporting group, with 60.7% of all SARs submitted in Q1 2024.
- This was followed by the Trust and Corporate Service Provider (TCSP) sector, with 18.8% 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 assess further, 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.