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JERSEY FIU [Q2 2024] a new typology on Bribery and Corruption – PEP Scenario

31/07/2024

The FIU 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 and it includes:-

  • A new typology on   Bribery and Corruption – PEP Scenario [pg. 24]

THE TYPOLOGY IS AS FOLLOWS.

Read the whole update.

JERSEY FIU [Q2 2024] SAR quarterly Report has been published.

The FIU 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 a new typology on   Bribery and Corruption – PEP Scenario [pg. 24]

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.
    • 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, overall, 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.

Access the latest report here:

Source

JERSEY YOUTUBE-IMAGE SAR/STR

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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.  

news disclaimer -

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.