Money laundering compliance officer—MLCO—job description and role profile—law firms

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

  • Money laundering compliance officer—MLCO—job description and role profile—law firms

Money laundering compliance officer—MLCO—job description and role profile—law firms

    1. 1

      MLCO details

      Name of firm[Insert name]
      Name of MLCO[Insert name]
      Status of MLCO[Insert description that demonstrates board-level or equivalent status, eg Member of managing board]
      Details of any other roles held within the organisation[Insert details of any other roles held, eg Head of Real Estate]
      Date appointed[Insert date]
    1. 2

      Role summary

      To be the board-level (or equivalent) officer responsible for the firm’s compliance with the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692 and to:

      1. 2.1

        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. 2.2

        take a leading role in dealing with the SRA on AML/CTF;

      1. 2.3

        take a leading role on AML/CTF issues within the senior management of the firm;

      1. 2.4

        support the work of the firm’s nominated officer; and

      1. 2.5

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

    1. 3

      Job description/role profile

      The MLCO [is OR has appointed [insert, eg the nominated officer] to be] responsible for creating, managing and reviewing the firm’s AML/CTF policies, controls and procedures.

      1. 3.1

        Policies, controls and procedures

        1. 3.1.1

          [Take responsibility for OR Supervise] the firm’s systems and controls in relation to AML/CTF.

        1. 3.1.2

          [Establish and maintain OR Supervise the establishment and maintenance of] appropriate and

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