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MLRO (Money Laundering Reporting Officer)
The MLRO (Money Laundering Reporting Officer) is a nominated officer, appointed under the Proceeds of Crime Act, who receives disclosures (is informed about any suspicions about money laundering or potential money laundering by someone else within the firm) and makes disclosures to the relevant authorities regarding suspicions about money laundering.
All regulated businesses must have an MLRO. The role carries significant responsibility and must be undertaken by an appropriately experienced individual who has sufficient seniority and authority within the business. They need to be able to access all of the business’ client files and business information so that they are able to make informed decisions. The MLRO must decide if there is suspicion or reasonable grounds for suspicion of money laundering and that these suspicions are properly disclosed. In larger regulated organisations, the MLRO may have a team of people working with them, but ultimate responsibility for anti- money laundering training within the business, designing and implementing AML systems and procedures, and managing disclosures must lie with the MLRO.
MLROs are increasingly turning to electronic anti-money laundering platforms like SmartSearch in order to ensure their AML systems and procedures are fit for purpose.
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