What is an MLRO?
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.
What does an MLRO do?
- 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;
- Monitoring and reporting any suspicious transactions 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.
Are you looking to appoint an MLRO?
Whether it’s permanent or an interim appointment, we can help you find the perfect candidate for the position. To find out more, complete the contact form below and we’ll be in touch within the next working day to discuss your opportunity further.
Why should you use us for your search?
- Our extensive network of Financial Crime experts enables us to present your opportunity to the best talent on the market;
- Proactive head-hunting delivers the right candidate for your opportunity swiftly whilst improving the accuracy of the search;
- You’ll receive a shortlist of qualified candidates that fit your requirements. This means you won’t have to sift through handfuls of prospective candidate CVs;
- We have a database of pre-qualified, permanent and interim Financial Crime professionals who are ready and waiting to hear about your role.
If you or your organisation are looking to appoint an MLRO, complete the contact form below and we’ll get in touch with you within the next working day to discuss how we can help you find the best talent for your role.
MLRO - Money Laundering Reporting Officer (SMF17)
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Are you or your organisation looking for a MLRO – Money Laundering Reporting Officer (SMF17)? Whether it’s permanent or an interim appointment, we can help you find the perfect candidate for the position. To find out more, complete the contact form below and we’ll be in touch within the next working day to discuss your opportunity further.