'Professional bodies urged to improve reporting on suspicious activity'

OPBAS has stated that it will give detailed feedback to each PBS where it believes there is room for improvement in the report and help prepare the PBS for the next reporting cycle. 

The next set of PBS reports are to be submitted to the regulator on or before November 1 2024. 

We perceive that each PBS will have to ensure that reports are consistent with OPBAS expectations and, in particular, scrutinise and analyse SARs as part of the overall reporting to OPBAS.

Matthew Cowie is a partner at Rahman Ravelli