What UK Proceeds of Crime Act 2002 Section 330 - Failure to Disclose: Regulated Sector (Knowledge or Suspicion Threshold, Information in the Course of Business, NCA SAR Filing Duty, Training Defence) requires
Section 330 of the Proceeds of Crime Act 2002 (c. 29) imposes a positive disclosure duty on persons in the regulated sector to report knowledge or suspicion of money laundering to the National Crime Agency (or to a nominated officer / Money Laundering Reporting Officer) as soon as is practicable. The offence is committed where four conditions all apply (s.330(2)-(4)): (i) the person knows or suspects, or has reasonable grounds for knowing or suspecting, that another person is engaged in money laundering; (ii) the information or other matter on which the knowledge or suspicion is based, or which gives reasonable grounds for the knowledge or suspicion, came to the person in the course of a business in the regulated sector; (iii) the person can identify the other person or the whereabouts of any of the laundered property, or believes (or it is reasonable to expect him to believe) that the information will or may assist in identifying that other person or the whereabouts of any of the laundered property; and (iv) the person does not make the required disclosure to a nominated officer or to a person authorised by the Director General of the NCA as soon as is practicable after the information comes to him. Section 330(6) provides defences: a person does not commit the offence if (a) he has a reasonable excuse for not disclosing; (b) he is a professional legal adviser or relevant professional adviser and the information came to him in privileged circumstances (subject to the section 330(11) crime-purpose exception); or (c) he is an employee, officer or partner of an organisation and he has not received the training required by his employer under section 330(7A) read with the Money Laundering Regulations 2017. The required disclosure must contain the identity of the suspected money launderer (if known), the whereabouts of the laundered property (if known), and the information or other matter that gave rise to the knowledge or suspicion (s.330(5)). The maximum penalty under section 334 is 5 years imprisonment on indictment and/or an unlimited fine; on summary conviction, up to 6 months and/or the statutory maximum fine. Section 330 is the operative duty driving the entire UK Suspicious Activity Report (SAR) regime - over 900,000 SARs are filed annually with the NCA UKFIU, and SAR data underpins UK anti-money-laundering enforcement and international financial intelligence cooperation.
Pillar: Financial Crime, AML & Sanctions · Authority: Parliament of the United Kingdom · Version: 1.0.0 · Last updated:
Primary source: https://www.legislation.gov.uk/ukpga/2002/29/section/330
SHA-256 integrity: 65964ca900a19c94114a3bd061be558d0e2b5e008f10140406d5f3851f608506
Primary Citations — 8 traced to source
- Proceeds of Crime Act 2002 (c. 29) Section 330 (Failure to disclose: regulated sector) subsection (1): 'A person commits an offence if the conditions in subsections (2) to (4) are satisfied.' Published at legislation.gov.uk/ukpga/2002/29/section/330.
- POCA 2002 section 330(2): 'The first condition is that he (a) knows or suspects, or (b) has reasonable grounds for knowing or suspecting, that another person is engaged in money laundering.'
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