AML Glossary
We're fluent in AML speak, so now you can be too.
Learn more about common AML terms, from key regulations to everyday compliance terms—this AML glossary has you covered.
External Reporting
In the UK, external reporting primarily refers to the submission of Suspicious Activity Reports (SARs) to the National Crime Agency (NCA). This is typically done by the MLRO after assessing internal reports and gathering any necessary additional information. For accountants, understanding the thresholds and requirements for external reporting is crucial. This includes knowing what constitutes a reportable suspicion, the timeframes for reporting, and the information that needs to be included in a SAR. Proper external reporting is not only a legal obligation but also plays a vital role in the broader fight against financial crime.
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