ADVANCE NOTICE OF CHANGES TO SUSPICIOUS ACTIVITY REPORTING TEMPLATES ON POLSAR PROPOSED EARLY Q1 2022:
16/11/2021
Are you the Money Laundering Reporting Officer (MLRO) or Deputy MLRO within your organisation?
If so the purpose of this post is to give you advance notice about changes to information submitted through POLSAR, from early Q1 2022 and as follows:
- The current SAR Template,
- Continuation Report and
- Miscellaneous Information Report (Templates),
The changes being made to the Templates are the first for several years and focus primarily on the requirement for more compulsory field completion and detailed submission of matters which relate to Consent for an Act under Article 32 of the POCJL.
The changes to the Templates will allow for increased functionality of the JFIU in processing reports; and also better data recording allowing for increased statistical reporting of trends and typologies back to industry.
The changes proposed to the Templates have been subject a SAR Template Working Group consisting of members of the JFIU and a selected working group of local MLROs.
The JFIU will keep those charged with reporting suspicious activity to the JFIU via POLSAR up to date with regular communications.
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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.