The 3 ‘Rs’ - The Role, the Responsibilities & the Risks for MLROs

Introduction

Under the MLR 2017 and legislation it is a requirement by law to have a nominated money laundering reporting officer (MLRO) in the regulated sector. The role of MLRO is a job and not just a title.

You may have just been given the role of the MLCO, MLRO or deputy MLRO. What does that mean and what happens next?

You may have always attended the anti-money laundering training your business has provided but how much more do you need to know to be able to do the job?

You may have been the MLRO or deputy MLRO for many years. Are you still up to date? Do you need a refresher?

This in-person course is not for academics but is full of practical advice and real-life scenarios.

Presented by the 'brilliant' and 'engaging' Jo Morris, this course is essential if you are new to the role of MLRO or deputy or just wish to learn more about the role and the changes in regulation.

What You Will Learn

• Record of appointment and your responsibilities (job description)
• Notification to your regulator
• Relevant legislation - Proceeds of Crime Act 2002, Terrorism Act 2000, Fraud Act 2006, Bribery Act 2010, Criminal Finance Act 2017
• The regulators and their guidance
• Risk assessments including:
• The National Risk Assessment (NRA)
• Risk assessment of your regulator
• Your business/practice wide risk assessment
• Your client/customer and matter/file risk assessment
• Policies, controls, and procedures
• Training
• Managing risks around:
• Client/matter inception and due diligence
• Source of wealth and source of funds
• High risk clients and Politically Exposed People (PEP)
• Beneficial Owners
• The sanctions regime
• MLRO reporting including:
• New user registration with the National Crime Agency (NCA)
• Internal reports to the MLRO
• External reports by the MLRO to the NCA
• Dealing with law enforcement
• MLRO record keeping
• Keeping yourself up to date
• Monitoring compliance
• Internal and external audits
• Reporting to the board
• Templates of the documents you need to keep