We have published our 2024 Q3 SAR report, which can be read here: https://go.fiu.je/2024Q3.
Key findings in this quarter's report show:
- The number of SARs for the quarter increased by 4.8% compared to the same period in 2023 but represented a decrease of 11.4% compared to Q2 2024.
- As per previous quarters, Banking was the largest reporting sector, accounting for 61.6% of all SARs submitted in Q3 2024.
- There was an increase of 19% in the volume of consent requests seeking consent from the FIU to act, transact or exit in Q3 2024. As per our other SAR reports, this report aims to provide the reader with insight into SAR reporting trends. It also allows the FIU to provide generic feedback to SAR submitters on recorded data received by the FIU.
The report also includes a scenario related to potential typology relevant to Jersey, focusing on bribery and corruption. Information contained in SARs is considered vitally important in the global fight against financial rime.
Good quality SARs allow the FIU to better undertake intelligence research, assessment, and analysis to understand suspected criminal activity, ML/TF/ PF typologies, emerging threats, risks, and trends amongst other threat-based requirements. As we enter a significant phase of our transformation programme and ongoing process changes, SAR template improvements and reporting mechanisms will continue, and the industry will be approached for their input at opportune times.
Finally, this Q3 2024 report contains data regarding the feedback provided to industry on the quality of SARs submitted to the FIU. It shows that the level of good reporting has been maintained at approximately 84%.