Reach for the SARs

The JFSC has been focusing heavily on Suspicious Activity Reports ("SARs") recently. This is understandable. SARs are a crucial part of the regulatory framework. If regulated businesses are properly reporting suspicions of criminal conduct then the law enforcement agencies receive vital ammunition for cleaning up the finance industry and investigating crime without lifting a finger. The regulator can step back and leave reporting to businesses, as long as they can be trusted to make SARs when they should.

The Head of Enforcement at the JFSC, Barry Faudemer, has this to say on the topic:

"The JFSC is afforded access to SARs and they are crucial in protecting investors from suffering financial losses and safeguarding the integrity of our finance industry. They form a critical part of what is often a complex jigsaw puzzle of information and timely reporting is key. Our Supervisors will be keen to ensure that SARs are submitted to JFCU as soon as is reasonably