The following Risk & Compliance practice note provides comprehensive and up to date legal information covering:
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 by the Money Laundering and Terrorist Financing (Amendment) Regulations 2019, SI 2019/1511 from 10 January 2020. 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.
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).
Not all organisations have to appoint nominated officer.
You must appoint a nominated officer if the MLR 2017 apply to your business, ie you are:
a relevant person
acting in the course of business in the UK
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:
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The roles of nominated officer and money laundering reporting officerA nominated officer is an individual who is nominated by a firm to receive disclosures under Part 7 of the Proceeds of Crime Act 2002 (POCA 2002) or Part III of the Terrorism Act 2000 (TA 2000)—see Requirement to appoint a
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