JERSEY FIU 2024 Q3 SAR REPORT DATA – A DEEP DIVE ON SOME NUMBERS

The JERSEY FIU has published its FIU 2024 Q3 SAR report, which can be read here: https://go.fiu.je/2024Q3. - a deep dive on some numbers is below:-

Here is a summary of the statistical outcomes presented in the "Suspicious Activity Reports Q3 2024 Industry Feedback" report:

1. Overall SAR Totals:
1. 411 SAR reports were received in Q3 2024.
2. This represents

                  i. A 4.8% increase compared to Q3 2023,

                  ii. But a decrease of 11.4% from Q2 2024

2. Monthly SAR Totals:
1. Total SARs received in 2024 are compared by month to 2023, but the summary does not provide specific figures.
2. Legislation-Based SARs:

                  i. SARs were submitted under the Proceeds of Crime (Jersey) Law 1999, and

                 ii. SARs under the Terrorism (Jersey) Law 2002 in Q3 2024

3. Business Declined:
1. 56 SAR reports indicated suspicion while stating that the business had been declined
4. Breakdown of business declined:
1. Q1 24: 53 out of 465 (11.4%)
2. Q2 24: 67 out of 464 (14.4%)
3. Q3 24: 56 out of 411 (13.6%)
5. Reporting Sector Feedback:
1. The banking sector accounted for 61.6% of all SARs submitted in Q3 2024.
2. Trust and Corporate Service Provider sector: 18.2%
3. Accountancy sector: 3.3%
6. Consent Requests:
1. 627 consent requests were received in Q3 2024, an increase of 19% from Q2 2024.
2. Consent

                  i.Granted on 77.1% of occasions,

                  ii. Withheld on 16.7%, and

                  iii. Not considered a consent matter on 5.7%

7. Criminality Activity Feedback:
1. Fraud was the suspected predicate criminality in 39.6% of SARs in Q3 2024, with 162 entities reporting it
2. Breakdown of criminality by percentage for Q3 2024:

                  i. Fraud: 39.6%

                  ii. Other - undetermined: 35.5%

                  iii.Tax crimes: 10.9%

                  iv. Corruption: 5.6%

8. Grounds for Disclosure:
1. Fraud/False Accounting was the most significant ground for disclosure, accounting for 22.4% in Q3 2024
2. Breakdown of grounds for disclosure for Q3 2024:

                  i. Fraud / False Accounting: 144 (22.4%)

                  ii. Account Activity Not in Keeping with KYC: 93 (14.6%)

                 iii. Internet Research/Media: 73 (11.4%)

9. Top 10 Countries of Predicate Criminality: Notable countries include:
1. United Kingdom: 114 SARs (35.5%)
2. Jersey: 110 SARs (34.4%)
3. China: 21 SARs (6.6%)
4. United States: 19 SARs (5.9%)
10. Politically Exposed Persons (PEPs):
1. Disclosed PEPs in Q3 2024:

                  i. Suspect: 25

                  ii. Involved Party: 10

                  iii. Victim: 1 22.

11. SAR Feedback:
1. 83.7% of SARs in Q3 2024 were of good disclosure standard.
2. 15.1% met standards but had areas for improvement, and 1.2% did not meet the required standard

This summary consolidates the key statistical outcomes from the report, highlighting trends and changes relative to previous quarters.

SOURCES

• https://go.fiu.je/2024Q3