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Training Course Summary:

If you are a regulated firm within the scope of the UK Money Laundering Regulations, you must appoint a Money Laundering Reporting Officer (MLRO). This person has to be approved by the FSA, and is the focal point within the firm for oversight of all activity relating to anti-money laundering.

Normally, the MLRO will also act as the “Appropriate Person” under the Money Laundering Regulations. This means that the MLRO will also handle the internal and external reporting required by the regulations.

The role of the MLRO has increased significantly, and is a controlled function under FSA rules.

Who Should Attend:

MLROs, Deputy & Assistant MLROs, Chief Executive Officers, Internal Auditors, Compliance Officers and those involved in reviewing or relying on the effectiveness of the MLRO.

Training Course Overview/Content:

Explains the Anti-Money Laundering (AML) /Combating Financial Terrorism (CFT) environment; from where the regulations emanate and understanding where the MLRO fits
Provides a description of the relevant AML/CFT laws; Primary and Secondary Legislation
Explains the expectations of the FSA and their objective to reduce financial crime in the industry
Highlights the position and examines the practicalities of carrying out the key responsibilities of the MLRO
Explains the importance and the requirements of industry best practice: The JMLSG Guidance Notes
Explains the risk based approach and provides guidance to producing appropriate AML/CFT systems and controls based on the Guidance Notes
Explains what to do when a suspicion is reported and when the police call
Learning Outcome
Each person attending will:

Have a greater understanding of the high profile nature of the role
Understand the FSA approach and the role of the EU; FATF and the JMLSG
Understand the risk based approach to AML/CFT
Be able to develop and introduce appropriate risk based systems and controls
Be able to introduce recording systems for risk assessments and risk based client due diligence
Know how to deal with pre and post event suspicion reports
Know what to do should the firm receive a court order and the police investigate