FCA letter to UK Finance on SARs and STORs

Regulatory Updates | 18/10/19

The Financial Conduct Authority (FCA) has published a letter to UK Finance giving an overview of the suspicious transaction and order report (STOR), and suspicious activity report (SAR) regimes. The letter covers:
• responsible authorities – the FCA is responsible for receiving STORs, and the National Crime Agency (NCA) is responsible for receiving SARs;
• reporting requirements under Article 16(2) of the Market Abuse Regulation (EU) 596/2014 (for STORs), and the Proceeds of Crime Act 2002, and the Terrorism Act 2000 (for SARs); and
• FCA rules and Guidance in the Financial Crime Guide, SYSC 6.1.1R, and the June 2019 thematic review of money-laundering risks in capital markets.