Reporting suspicions

You may have a regulatory or professional duty to keep the affairs of your customers confidential and the circumstances in which you can disclose information about your customer may be very limited.

The Proceeds of Crime Act 2002 (POCA 2002) imposes an obligation to report knowledge or suspicions of money laundering by way of a suspicious activity report (SAR). There are heavy criminal sanctions for failing to do so.

The Terrorism Act 2000 (TA 2000) contains a duty to disclose information where you know or suspect that another person has committed or is about to commit a principal terrorist property offence.

Counter-proliferation financing is the most recent addition to the long-established anti-money laundering (AML) and counter-terrorist financing (CTF) regime. Requirements in relation to counter-proliferation financing were introduced into the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692 through the Money Laundering and Terrorist Financing (Amendment) (No 2) Regulations 2022, SI 2022/860. While counter-proliferation financing requirements cover the appointment of a nominated officer, because they scoop up regs 21–24 (see