On June 18, the UK’s Law Commission presented a parliamentary report on SARs used by banks and businesses to inform the United Kingdom Financial Intelligence Unit (UKFIU) of suspected money laundering.

A large number of SARs are of low quality and contain limited, or even no, useful information, which is particularly worrying considering the UKFIU received a record number of reports for 2018, according to the findings.

PaymentEye and Bobsguide spoke to Martina King, CEO at Featurespace, about the new technologies enabling the industry to dramatically improve the quality of SARs, without increasing manual processes.

Read the full article here.