Nominated officer & MLCO

The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692, as amended, set out when organisations must appoint a nominated officer (sometimes referred to as a money laundering reporting officer or MLRO) and a money laundering compliance officer (MLCO) and the duties attached to each role. You should also consider whether your anti-money laundering (AML) supervisory authority imposes any sector-specific requirements in relation to either role.

For detailed guidance, see Practice Notes: Money Laundering Regulations 2017—nominated officer and Money laundering compliance officer. See also Precedents:

1. •

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

2. •

   MLCO and nominated officer—combined job description and role profile

3. •

   Money laundering compliance officer (MLCO)—job description and role profile