The Money-laundering Reporting Officer Responsibilities

The role of MLRO was enshrined in UK law back as far as 2007. But over a decade later, even the definitions of institutions like the Law Society can seem at best ambiguous or worst vague.

While our focus is on UK MLROs, the role of AML compliance officer is not all that different in other jurisdictions, especially across the EU, where the risk-based approach stands at the core of a financial crime risk mitigation programme.

Many think that the first task is to undertake a financial crime risk assessment. It's not. Step one is to get clear guidance from senior management on the firm's overall risk assessment and risk appetite, as these are the primary drivers for the financial crime risk assessment.

An MLRO needs clear written guidance of the risks their firm has identified, the level of appetite to take on the various risk levels and a commitment to provide adequate resources to manage these risks.

Learning outcomes:

• Learn more about the role and responsibilities of senior financial crime managers
• Consider the impact of the latest international regulatory developments and future legislative and regulatory changes
• Understand how to develop money-laundering risk assessments
• Analyse UK & international efforts to mitigate tax evasion, identify bribery and corruption and financial crime trends
• Use our simple checklist to make sure you have covered the requirements
• Make sure you can demonstrate 'Reasonable Steps' required under the SMCR

Objectives

Learning how to;

1. Understand - The role and responsibilities of the MLRO
2. Conduct - Conduct an assessment of Suspicious Activity Reporting (SAR) and DAML
3. Identify - Identify when to make an external report to NCA
4. Recognise - Recognise what a good external SAR report looks like
5. Fulfil - Fulfil your obligation of external reporting to the National Crime Agency and internal firm responsibilities.

Benefits of attending:

• Explain the nature of the Money Laundering Reporting Officer (MLRO) roles and responsibilities
• Comply with all statutory and regulatory obligations relating to the MLRO role
• Deal with Suspicious Activity Reports (SARs) and consent requests
• Assess the adequacy and effectiveness of the firm’s AML/CTF regime
• Provide an adequate 'annual' report to Senior Management
• Obtain our multi-point checklist

Who should attend: 

1. MLROs
2. Deputy and Assistant MLROs
3. Compliance Officers
4. Chief Executive Officers
5. Internal Auditors
6. Any other professionals whose responsibilities rely on those of the MLRO
7. Any other professionals who hold accountability for their firm’s AML controls