BRITISH REDUCTION IN SUSPICIOUS TRANSACTION REPORT RETENTION TIMES NOT FOLLOWED BY OTHER MAJOR JURISDICTIONS
January 1st, 2014
WITH the UK’s Serious Organised Crime Agency (SOCA) agreeing that all Suspicious Activity Reports (SARs) it holds on its ELMER database will be deleted once they are older than six years, a long British debate balancing the needs of law enforcement and privacy has come to an end (at least temporarily). But what of other jurisdictions? What rules have they created to control the retention and ultimate deletion of such reports, which are the building blocks of successful anti-money laundering law enforcement? And what access are they granting to these ...
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