Summary: The number of Suspicious Activity Reports increased in 2010 for the fourth consecutive year. Indeed, the dramatic increase of nearly one-third more SARs than in the previous reporting year calls for an explanation. The increase can be attributed to two extremely complex cases that resulted in 144 SARs or 12 percent of the total volume of SARs for the 2010 reporting period. Also, the 2009 amendment of the Anti- Money Laundering Act (AMLA) relating to financial intermediaries’ exclusion from criminal and civil liability may have influenced reporting practices: under the amendment financial intermediaries no longer have to act “with the diligence required in the circumstances”, but only “in good faith”. This is in keeping with the international standards of the Financial Action Task Force and may have led to an increase in SARs.
Detailed report link: here
