What is a suspicious activity report? How money platforms flag possible crime
By SendPay Business · · 2 min read
A suspicious activity report, or SAR, is a report a business sends to the authorities when it knows or suspects that money it is handling may be linked to crime. Banks, payment firms, crypto firms, accountants and others covered by anti-money-laundering rules must file them.
Where SARs go in the UK
In the UK, SARs go to the UK Financial Intelligence Unit, part of the National Crime Agency. Other countries have their own financial intelligence units that do the same job.
How it works inside a firm
- A member of staff or a monitoring system spots something unusual.
- They report it internally to the firm's nominated officer, usually the MLRO.
- The nominated officer decides whether there is knowledge or suspicion of money laundering.
- If there is, they file a SAR with the financial intelligence unit.
Never tip off the customer
In the UK, telling a customer that a SAR has been made, or that an investigation is under way, in a way likely to prejudice it can be a criminal offence called tipping off. Staff should handle the customer normally and follow the nominated officer's instructions.
Asking permission to go ahead
If a firm suspects a payment is criminal property but wants to carry on with it, it can ask the National Crime Agency for a defence against money laundering, often called a DAML, before going ahead.
Where SendPay fits
Every SendPay platform includes customer identity verification at sign-up, powered by licensed partners. Your own monitoring and reporting duties remain your responsibility, and SendPay tells you in writing what applies before you pay.
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This guide is general information, not legal or financial advice. SendPay Business is a technology company, not a bank, and does not take deposits; regulated services on the platforms are provided by licensed partners. PayPal, Patreon and Substack are named as reference points only and are not affiliated with SendPay Business.