Our SAR quarterly report, which covers SARs submitted to FIU Jersey in Q2 2024, has been published. The report aims to provide submitters with insight, trends, feedback, and a typology every quarter. It includes a breakdown of predicate criminality, the number of SARs by reporting sector, consent requests, grounds for disclosure and a new typology.
What are the key highlights for Q2 2024?
- Overall, the number of SARs submitted to the FIU was the same as in Q1 2024 at 464 SARs, with just one SAR less. However, this still represented a 29% increase in SARs submitted compared to Q2 2023.
- Banking was the largest reporting sector again, accounting for 62.2% of all SARs submitted in Q2 2024, followed by the Trust and Corporate Service Provider (TCSP) sector (21.4%) and the Funds (FSB) sector (3.8%).
- The number of PEPs named in Q2 SARs increased 50% compared to Q1 2024.
- The top 3 grounds for disclosure were identified as: Fraud / False Accounting (27.8%), Internet Research/Media (12.5), and Account Activity Not in Keeping with KYC (13.1).
- Only 1.3% of the 464 SARs submitted did not meet the required disclosure standard.
This shows that, on the whole, the industry submitted SARs, which had a good disclosure standard. 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.