The Money Laundering Reporting Officer has a pivotal role to play in ensuring that a firm is compliance with anti-money laundering regulations. Additionally, they’re responsible for ensuring that, when appropriate, knowledge or suspicion of money laundering is properly disclosed to the relevant authorities.
The role of the MLRO carries significant responsibility and should be undertaken by an appropriately experienced individual who has been signed off by the Financial Conduct Authority (FCA) as competent to hold the control function SMF17.
A MLRO should be of sufficient seniority to make decisions on reporting which can impact a business’s relations with its clients and its exposure to criminal, civil, regulatory and disciplinary sanctions. They should also be in a position of sufficient responsibility to enable them to have access to all of the business’s client files and business information to enable them to make the required decisions on the basis of all information held by the business.
- Developing and overseeing control systems to prevent or deal with violations of legal guidelines and internal policies.
- Providing financial crime and compliance leadership and guidance to management and relevant staff.
- Proactively identifying situations that may pose significant compliance risks and guide management in the development/review of applicable policies, procedures and business practices.
- Supervising and handling day to day AML tasks: reporting, liaising with law enforcement agencies and other external authorities.
- Supervising and monitoring business risks in accordance with regulatory requirements and internal procedures.
- Suspicious transaction monitoring and reporting to the relevant local authorities.
- Preparing reports for regulators and maintaining an open and positive working relationship with them.
- Keeping abreast of regulatory developments (both internally and externally) as well as evolving best practices.
- Preparing reports for senior management and external regulatory bodies as appropriate.
Why partner with us?
- Through proactive search services you’ll gain greater exposure to the candidate market
- Receive access to our team experienced Governance, Risk & Compliance consultants
- Proactive head-hunting results in faster delivery times than passive candidate sourcing
- You’ll receive a qualified short-list of Money Laundering Reporting Officers that match the requirements of your opportunity
- Our database of pre-vetted contractors enables us to deliver candidates swiftly
If you or your organisation is looking to appoint a MLRO, we can be of assistance! Our extensive network will allow us to find the best person for your opportunity. To start the process of partnering with us, complete the form below and we’ll contact you within two working hours to further discuss your needs.