Suspicious Activity Reporting for Civil Litigators

Introduction

In July 2021, the Government issued new guidance which informs the approach to Suspicious Activity Reports (SARs) with a bearing on civil litigation (Circular 004/2021).

The starting point is that a SAR should not be disclosed in order to reduce the risk of it being disclosed in subsequent litigation. Banks and other regulated entities have been advised to avoid reference to a SAR in any internal documentation as far as possible and to seek to ensure that decisions are able to be defended for non-SAR related reasons.

The guidance holds practical implications for the regulated sector and affects the approach to be taken where a decision is made to terminate a client relationship with underlying money laundering concerns.

It also affects litigators as although the purpose of the guidance is to safeguard against future SAR disclosure, the door to disclosure remains far from closed.

What You Will Learn

This webinar focuses on:

• Key points emerging from the guidance
• How practically a regulated entity can avoid referring to a SAR in internal documentation
• Recent authorities and the scope for SAR disclosure in civil litigation
• Pressing for SAR disclosure notwithstanding the tipping off prohibition
• The process to be followed if disclosure of a SAR in civil litigation is contemplated

This webinar was recorded on 2nd February 2022