MLRO – Duties & Responsibilities

The role of the Money Laundering Reporting Officer (MLRO) is crucial in ensuring that Subject Persons remain fully compliant with their financial crime compliance obligations and that they can immediately respond to the risks associated with money laundering and the funding of terrorism.

Given this critical role, MLROs are under increasing pressure to retain, maintain and enhance their skills and knowledge, whilst at the same time managing risks according to an adequately designed risk-based approach.  This is highlighted further by the personal measures that have been introduced in the Prevention of Money Laundering & Funding of Terrorism Regulations (PMLFTR).

Over the two sessions participants will be offered practical advice and guidance on the duties and responsibilities of the MLRO, what is generally expected by the Regulatory Authorities, and how those responsibilities can be fulfilled.  As such, it will provide:

• An explanation of what is expected of the MLRO;
• Practical ways to comply with the salient legislative provisions and meet regulatory expectations;
• Guidance on how to deal with Suspicious Transaction Reports (STRs) and conduct an internal analysis;
• The necessary knowledge for assessing the adequacy and effectiveness of an AML/CTF programme;
• An understanding of the challenges faced in executing the role; and
• An appreciation of the key characteristics of a MLRO, and how they can ensure effectiveness.

The presentations will also outline the salient regulatory framework, provide details relating to the appointment and resignation of the MLRO and delineate key needs and requirements.

The items addressed by the Financial Intelligence Analysis Unit (FIAU) in their recent Guidance Note on “Common Issues Related to the Money Laundering Reporting Officer” will be incorporated in the presentations so that participants are fully aware of the common issues, concerns and queries that arise in relation to the MLRO.