Money Laundering Regulations 2017—nominated officer
Money Laundering Regulations 2017—nominated officer

The following Risk & Compliance practice note provides comprehensive and up to date legal information covering:

  • Money Laundering Regulations 2017—nominated officer
  • What is a nominated officer?
  • Do you have to appoint a nominated officer?
  • Compulsory appointment of nominated officer
  • Voluntary appointment of nominated officer
  • Special position of sole practitioners
  • Special position of FCA-authorised organisations
  • Qualification requirements
  • Registration of nominated officer
  • Nominated officer's core duties
  • More...

This Practice Note sets out when organisations must appoint a nominated officer, the duties of the nominated officer and practical steps nominated officers can take to fulfil their role. It reflects the requirements of the Money Laundering Regulations 2017, SI 2017/692 (MLR 2017), as amended. It provides guidance which is of general application. You should check whether your regulatory body has any additional, sector specific requirements in relation to nominated officers.

What is a nominated officer?

A nominated officer is a person who is nominated to receive suspicious activity reports (SARs) under the Terrorism Act 2000 (TA 2000) or the Proceeds of Crime Act 2002 (POCA 2002).

Do you have to appoint a nominated officer?

Not all organisations have to appoint nominated officer.

Compulsory appointment of nominated officer

You must appoint a nominated officer if the MLR 2017 apply to your business, ie you are:

  1. a relevant person

  2. acting in the course of business in the UK

  3. not subject to one of the very narrowly drawn exclusions in Regulation 15

For more guidance see Practice Note: Money Laundering Regulations 2017—scope and application.

If the MLR 2017 do not apply to your organisation, there is no obligation to appoint a nominated officer. You do not, for example, have to appoint a nominated officer if your organisation:

  1. doesn't meet the definition of 'relevant person', because it does not provide any services that fall

Popular documents