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Money Laundering Reporting Officer (MLRO)
The company has appointed an MLRO, as detailed below and whose role it is to ensure compliance with the FCA’s rules on systems and controls against money laundering. The MLRO has the appropriate independence and level of authority within the firm to carry out their duties and responsibilities and has access to the relevant and appropriate support, information and training to carry out their role effectively.
Details of the company’s Money Laundering Reporting Officer: –
Name: ____________________________ Position: _________________________
Email: ____________________________ Tel: _____________________________
9.2.1 MLRO Annual Report
The Financial Conduct Authority (FCA) have specific regulatory rules and requirements set out in the ‘Senior Management Arrangements, Systems and Controls (SYSC)’ section of their handbook, which relate to financial crime and specifically anti-money laundering officer, controls, measures and audits.
SYSC 6.3.7 also specifies that the appointed Money Laundering Reporting Officer (MLRO) is to ensure the appropriate provision of information to its governing body and senior management, including a report, at least annually, on the operation and effectiveness of the systems and controls put into place to enable it to identify, assess, monitor and manage money laundering risk.
The company produce an annual MLRO Report which is provided to Senior Management and made available to any regulating or governing body where applicable and/or requested. The report seeks to ensure the efficiency, effectiveness and adequacy of the AML/CFT measures, controls and systems in place and details any breaches, SAR’s, improvements and actions within the reporting period.
[Insert location/hyperlink to external location of this document]
[We have included a template for this document in 10_Due_Diligence_AML]
9.2.2 National Crime Agency (NCA)
The National Crime Agency is a national law enforcement agency in the United Kingdom which replaced the Serious Organised Crime Agency on 7 October 2013. The NCA aim to cut serious and organised crime and all firms are responsible for reporting any suspicious activity to the NCA.
9.2.3 The Financial Action Task Force (FATF)
The Financial Action Task Force (FATF) is an inter-governmental body, established in July 1989 by a Group of Seven (G-7) Summit in Paris with the initial aim of examining and developing measures to combat money laundering. Their main objectives are to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system. As a policy-making body, the FATF work to bring about national legislative and regulatory reforms in these areas.