The NCA has issued this guidance which is intended to inform one of the approach when reporters, through submitting a Suspicious Activity Report (SAR), seek a defence (or ‘consent’) from the NCA. Importantly, it cautions that:
The term ‘consent’ is frequently misinterpreted. Often it is seen as seeking permission or seen that where requests are granted that this is a statement that the funds are clean or that there is no criminality involved. This is not the case. Additionally, reporters sometimes seek ‘consent’ where they have been unable to complete customer due diligence (CDD).
The process is not a substitute for taking a risk-based approach or for fulfilling your regulatory and legal responsibilities, including those under the Money Laundering Regulations 2017. Such misinterpretation and conduct risks undermining efforts to prevent money laundering and counter terrorist financing.
As such the granted letters from the NCA no longer use the term ‘consent’ and instead use the terms ‘defence to a money laundering offence’ or ‘defence to a terrorist financing offence’. For absolute clarity we retain the use of the term ‘consent’ in refusal letters.
The NCA has issued this guidance which is intended to inform one of the approach when reporters, through submitting a Suspicious Activity Report (SAR), seek a defence (or ‘consent’) from the NCA. Importantly, it cautions that –
The term ‘consent’ is frequently misinterpreted. Often it is seen as seeking permission or seen that where requests are granted that this is a statement that the funds are clean or that there is no criminality involved. This is not the case. Additionally, reporters sometimes seek ‘consent’ where they have been unable to complete customer due diligence (CDD).
The process is not a substitute for taking a risk-based approach or for fulfilling your regulatory and legal responsibilities, including those under the Money Laundering Regulations 2017. Such misinterpretation and conduct risks undermining efforts to prevent money laundering and counter terrorist financing.
As such the granted letters from the NCA no longer use the term ‘consent’ and instead use the terms ‘defence to a money laundering offence’ or ‘defence to a terrorist financing offence’. For absolute clarity we retain the use of the term ‘consent’ in refusal letters.
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