Money Laundering Regulations 2017—nominated officer job description and role profile—law firms

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

  • Money Laundering Regulations 2017—nominated officer job description and role profile—law firms

Money Laundering Regulations 2017—nominated officer job description and role profile—law firms

This document reflects draft Legal Sector Affinity Group (LSAG) AML guidance, published on 20 January 2021. It awaits HM Treasury approval. Note that any content may be amended before the final version is published with the Treasury's approval.

    1. 1

      Nominated officer details

      Name of firm[Insert name]
      Name of Nominated officer[Insert name]
      Reports to[Insert name]
      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. 2

      Role summary

      1. 2.1

        To act as the nominated officer appointed in accordance with the Money Laundering Regulations 2017 (MLR 2017) for [name of firm].

      1. 2.2

        To receive and review internal suspicious activity reports (SARs) and determine whether they give rise to knowledge or suspicion (or reasonable grounds for knowledge or suspicion) that a person is engaged in money laundering or terrorist financing.

      1. 2.3

        To decide whether to report suspicious activity to the National Crime Agency (NCA), to make external SARs where necessary and be the main point of contact with the NCA.

      1. 2.4

        To ensure systems and controls are in place to enable the firm, including its managers and employees, to comply with their obligations under:

        1. 2.4.1

          the Proceeds of Crime Act 2002 (POCA 2002);

        1. 2.4.2

          the MLR 2017;

        1. 2.4.3

          the Terrorism Act 2000 (TA 2000);

        1. 2.4.4

          [the Bribery Act 2010 (BA 2010);]

        1. 2.4.5

          [property and

Popular documents