The Money Laundering Reporting Officer (MLRO)—duties
The Money Laundering Reporting Officer (MLRO)—duties

The following Financial Services practice note provides comprehensive and up to date legal information covering:

  • The Money Laundering Reporting Officer (MLRO)—duties
  • The roles of nominated officer and money laundering reporting officer
  • Requirement to appoint a nominated officer
  • 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
  • SYSC requirements relating to the MLRO
  • Approval and conduct of the MLRO
  • Other SYSC requirements relating to money laundering
  • The Financial Crime Guide on the MLRO

BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see: Brexit and financial services: materials on the post-Brexit UK/EU regulatory regime.

BREXIT: The UK’s exit from the EU and the end of the implementation period on 31 December 2020 will have an impact on this area. For more information, see Practice Note: Impact of Brexit: AML and CTF regime—quick guide.

The roles of nominated officer and money laundering reporting officer

A 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 nominated officer below.

A money laundering reporting officer (MLRO) is an individual appointed by a firm in accordance with the Systems and Controls Sourcebook (SYSC) in the Financial Conduct Authority (FCA) Handbook to have responsibility for oversight of the firm’s compliance with the FCA's rules on systems and controls against money laundering—see SYSC requirements relating to the MLRO below.

In many

Popular documents