After many months’ testing, the National Crime Agency has launched a new Suspicious Activity Report portal.
The NCA states in their announcement:
“Once your organisation has registered, it is expected that the new SAR Portal will become the sole route by which you submit Suspicious Activity Reports. It is recommended that registration is completed as soon as possible as the current SARs Online System is planned to be decommissioned later this year.”
Therefore, regardless of previously being registered to submit Suspicious Activity Reports, your business will need re-register if not already done.
Q: Is it a legal requirement to be registered with the NCA for the submission of SARs?
A: No. However, HMRC as the Regulator expects that regulated businesses such as Art Market Participants have registered. There can be a delay in registration processing and in the case of needing to submit a DAML SAR (for ‘live’ transactions), you will need to build in a delay to a transaction proceeding while awaiting a response from the NCA, without ‘tipping-off’ (a criminal offence) your customer.
Q: What are the contact details for the NCA, in relation to SARs?