Money Laundering: Review of the Reporting ... - Dematerialised ID

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kpmg Review of the regime for handling Suspicious Activity Reports Report of recommendations KPMG LLP Our survey with regard to dissemination covered the success of automatic searching, the necessity for manual search, the proportion of valid search results, the impact of structuring intelligence and the time taken to carry out key processes. Meetings and visits Pilot phase During the pilot phase we conducted 29 meetings with interested stakeholders. Main phase During the main phase of our review in respect of Sample A visits were made to nine providers of SARs. During the main phase of our review in respect of Sample B visits were made to nine LEAs. In addition, visits and telephone calls were also made to the following :- ■ ■ ■ ■ Three FIUs understood to be affected by competing Force priorities. National Terrorist Financial Investigation Unit (“NTFIU”), at Special Branch (“SB”) New Scotland Yard. Money Laundering Investigation Team (“MLIT”), Fraud Squad, New Scotland Yard. Operation Trident, New Scotland Yard. During the main phase of our review we conducted 17 meetings with ECB staff. We also held meetings with five other stakeholders. Workshops Location We held a series of three workshops during March 2003 each of approximately three hours duration. They took place at KPMG’s Salisbury Square offices in London, the Law Society and also at our Cornwall Street offices in Birmingham. Purpose Their purpose was to discuss and enable debate from the attendees in relation to our tentative recommendations in respect of the quality of reporting by disclosing organisations, the role of ECB and the handling of SARs by the LEAs. Attendees The workshops were attended by a cross-section of individuals from the disclosing organisations, ECB and from the range of LEAs and other interested parties. These included the Home Office, Treasury, the Cabinet Office and the FSA. In all, 77 different people attended the workshops, with a number attending more than one.
kpmg Review of the regime for handling Suspicious Activity Reports Report of recommendations KPMG LLP Format The workshops commenced with a presentation from KPMG as to the current status of the review. This was followed by plenary sessions where the attendees were invited to discuss the tentative recommendations and report back their findings to the group. Panel Meetings We have held meetings with the PMP on five occasions 1 since the project began. These meetings gave us the chance to provide reports on our progress in each of the workstreams, our interim findings and analyses, and to debate the issues we have identified as they emerged. The discussion ranged over both the detail of particular issues and the wider philosophical questions of the future aims of the SAR regime and the desired outcomes, together with the practical processes and methodologies for achieving them. 1 16 December 2002, 31 January 2003, 28 February 2003, 17 April 2003 and 15 May 2003.
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