MLCO and nominated officer—combined job description and role profile—law firms

The following Practice Compliance precedent provides comprehensive and up to date legal information covering:

  • MLCO and nominated officer—combined job description and role profile—law firms

MLCO and nominated officer—combined job description and role profile—law firms

    1. 1

      Introduction

      This job description and role profile relates to the combined position of money laundering compliance officer (MLCO) and nominated officer (NO). References to the MLR 2017 are to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, SI 2017/692.

    1. 2

      MLCO/NO role holder details

      Name of firm[Insert firm name]
      Name of MLCO/NO[Insert name]
      Status [Insert description that demonstrates board-level or equivalent status for MLCO role, eg Member of managing board]
      Full time/part time☐ Full time
      ☐ Part time
      Details of any other roles held within the firm[Insert details]
      Date appointed by the firm[Insert date]
    1. 3

      Role summary

      1. 3.1

        To act as the board-level (or equivalent) officer responsible for the firm’s compliance with the MLR 2017 (the MLCO) and:

        1. 3.1.1

          be the main point of contact with the Solicitors Regulation Authority (SRA) on any matter relating to anti-money laundering (AML) and counter-terrorist financing (CTF);

        1. 3.1.2

          take a leading role:

          1. (a)

            in dealing with the SRA on AML/CTF; and

          1. (b)

            on AML/CTF issues within the senior management of the firm; and

        1. 3.1.3

          ensure the firm’s AML/CTF efforts have appropriate oversight and engagement at the highest level.

      1. 3.2

        To act as the nominated officer appointed in accordance with the MLR 2017 and to:

        1. 3.2.1

          receive and review internal suspicious activity reports (SARs) and determine whether they give rise to knowledge

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