Who is a money laundering reporting officer

In practice, this means avoiding the dangerous legal liabilities of under-compliance, and the potentially costly burdens of over-compliance. An MLRO should have a strong grasp of the concept of legal professional privilege since they might be required to disclose sensitive information to the NCA — with legal implications for their firm and its employees. Knowing what information must be revealed, and when, is therefore, a central focus of the MLRO mandate.

With this in mind, while an MLRO does not necessarily need to be legally-trained, knowledge of the field is useful.

Alternatively, an MLRO might be given access to good legal advice about this aspect of their role. Disclaimer: This is for general information only. The information presented does not constitute legal advice. ComplyAdvantage accepts no responsibility for any information contained herein and disclaims and excludes any liability in respect of the contents or for action taken based on this information. Hit enter to search or ESC to close.

What does an MLRO do? Regulation of derivatives. Risk management and controls. Securities financing transactions. UK, EU and international regulators and bodies. Anti-bribery and corruption ABC. Cybercrime in financial services.

Financial crime—investigations. Financial services offences. Fraud in financial services. Market abuse. Sanctions compliance. Sign-in Help. Suspicious Activity Reports SARs —receipt, review and reporting by nominated officer Tipping off and prejudicing an investigation Failure to report by the nominated officer—the criminal offence General insurance firms and mortgage intermediaries FCA Enforcement Less Access this content for free with a trial of LexisPSL and benefit from: Instant clarification on points of law Smart search Workflow tools 36 practice areas.

Back Step 1 of 2 Basic information. Step 1 Step 2 Name. Miss Mrs. Name Click to edit. Name No Content These fields are required.

Email Email id Click to edit. Email No Content This field is required. Job role Click to edit. Job role No Content This field is required. Job title. Job title Click to edit. Job title No Content This field is required. Company Click to edit. Company No Content This field is required. Country Click to edit. Some refer to the MLRO as the nominated officer. It is a required and controlled function under the SMCR. Those who wish to occupy the role must submit an application to the FCA.

An MLRO also plays a role in fostering the appropriate compliance culture, which can include the development and delivery of AML as well as counter-terrorism financing CTF training to employees and executives.