Credicorp

SAR (Suspicious Activity Report)

A Suspicious Activity Report (SAR) is a report that a regulated business — including a lender — files with the authorities when it knows or suspects that funds or a transaction involve the proceeds of crime or money laundering. The duty to report comes from the Proceeds of Crime Act 2002, and the SAR is the mechanism by which suspicion is passed to law enforcement.

What it is: A report of suspected money laundering or proceeds of crime.
Who files it: A regulated business, such as a lender, that forms the suspicion.
Legal basis: The Proceeds of Crime Act 2002.

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How SARs fit the wider system

SARs are the reporting half of the anti-money-laundering system; the preventive half is the customer due diligence required by the Money Laundering Regulations 2017. Together they let a lender both screen out risk at the outset and report suspicion that arises later. The two are complementary parts of the same framework.

POCA The Proceeds of Crime Act 2002 is the UK law that creates the Suspicious Activity Report regime: lenders must report transactions they suspect involve the… MLR 2017 The Money Laundering Regulations 2017 require lenders to verify the identity of the businesses they lend to and to screen them for sanctions and… AML Anti-money laundering (AML) is the set of laws and checks that require lenders to verify who they are dealing with and to report suspicious activity… Sanctions Sanctions are legal restrictions that prohibit dealing with certain named individuals, entities or regimes. Lenders screen borrowers against sanctions… Our vulnerable-customers page How Credicorp, a UK business lender, supports customers going through a difficult time — vulnerability policy and support routes. Arrears Arrears are payments that a borrower has missed and not yet made up — money that is overdue under a credit agreement but has not yet reached the threshold… Responsible lending Responsible lending means lending only what a business can sensibly handle, being clear about cost, and supporting borrowers in difficulty. Credicorp… CRA (credit reference agency) A credit reference agency holds credit information and shares it with lenders. For UK business lending the main agencies are Experian, Equifax and… Recovery Recovery is the action a lender takes to collect a debt that has not been repaid, usually after a default. A responsible lender treats it as a last… Eligibility Eligibility is the set of published criteria a business must meet to be considered for a facility. Credicorp's criteria: a UK limited company or LLP…

SARs and the borrower relationship

The obligation to consider and, where appropriate, file a SAR applies to a lender regardless of whether the lending is inside or outside the consumer-credit regime. For the great majority of legitimate businesses, this is simply part of the compliant system within which lending takes place, and has no practical effect on a sound application.

SARs and Credicorp

Credicorp operates within the Suspicious Activity Report regime under the Proceeds of Crime Act 2002, alongside the Money Laundering Regulations 2017, in its lending to UK limited companies and LLPs. These obligations apply even though the lending sits outside the consumer-credit regime. Credicorp is an independent UK lender, not affiliated with Credicorp Inc of Peru, Credit Corp of Australia, or any other Credicorp entity outside the United Kingdom (Company No. 16093826; ICO ZC157682).

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