Money Laundering: Review of the Reporting ... - Dematerialised ID
Money Laundering: Review of the Reporting ... - Dematerialised ID
Money Laundering: Review of the Reporting ... - Dematerialised ID
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kpmg<br />
<strong>Review</strong> <strong>of</strong> <strong>the</strong> regime for handling Suspicious Activity Reports<br />
Report <strong>of</strong> recommendations<br />
KPMG LLP<br />
9.2.13 The LU should ensure that appropriate communication takes place between all key<br />
stakeholders in relation to improving <strong>the</strong> quality <strong>of</strong> SARs.<br />
Completion Date: Ongoing<br />
Agency: ECB<br />
9.2.14 The LU should be divided into teams with specialist industry and product knowledge.<br />
SPOC should be established within each team for <strong>the</strong> larger institutions.<br />
Completion Date: June 2004<br />
Agency: ECB<br />
Recommendation 8: Development <strong>of</strong> fewer intelligence packages by ECB (Report<br />
section 6.7)<br />
9.2.15 The LU should identify on Elmer a minority <strong>of</strong> SARs which it believes merit fur<strong>the</strong>r<br />
action by an LEA, and document on Elmer <strong>the</strong> reasons for any such recommendations.<br />
Each LEA would be able to view all SARs allocated to its Elmer queue, separated<br />
between those recommended for fur<strong>the</strong>r action by <strong>the</strong> LU and those which <strong>the</strong> LU<br />
believes should be retained for intelligence only on Elmer.<br />
Completion Date: September 2003<br />
Agency: ECB<br />
Recommendation 9: Establishment, staffing and role <strong>of</strong> Intelligence Development<br />
Unit (Report section 6.8)<br />
9.2.16 ECB should establish an <strong>ID</strong>U which will take over <strong>the</strong> functions <strong>of</strong> <strong>the</strong> existing<br />
Intelligence Development staff and adopt a number <strong>of</strong> additional specific analytical<br />
responsibilities.<br />
9.2.17 The <strong>ID</strong>U should include sufficient staff with appropriate analytical training and<br />
experience.<br />
9.2.18 The <strong>ID</strong>U should process and disseminate only <strong>the</strong> minority <strong>of</strong> SARs which LEAs indicate<br />
on Elmer <strong>the</strong>y wish to be developed. The development <strong>of</strong> <strong>the</strong>se SARs should include<br />
verifying <strong>the</strong> results <strong>of</strong> <strong>the</strong> automatic search, searching any additional databases requested<br />
by <strong>the</strong> LEA and producing a user-friendly package disseminated to <strong>the</strong> LEAs via Elmer.<br />
Completion Date: December 2003<br />
Agency: ECB<br />
9.2.19 The <strong>ID</strong>U should be responsible for conducting wider strategic and tactical analysis <strong>of</strong> <strong>the</strong><br />
information within Elmer, ei<strong>the</strong>r at <strong>the</strong> request <strong>of</strong> o<strong>the</strong>rs or through internal analysis <strong>of</strong><br />
trends and typologies.<br />
Completion Date: June 2004<br />
Agency: ECB<br />
jo/fh/519 82