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Your guide to the role of money laundering reporting officer

Comprehensive guidance for new and existing money laundering reporting officers (MLROs) to enable you to fulfil your role effectively and break it down into manageable tasks. Select the role that applies to you for full guidance on your responsibilities.

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Briefcase

Combined role – money laundering reporting officer

The money laundering reporting officer has two areas of responsibility. The first is the legal obligation to report suspicion of money laundering to the National Crime Agency and the second is ensuring the firm’s compliance with the Money Laundering Regulations.

The nominated officer

The nominated officer is the person nominated by a firm to receive and consider suspicious activity reports. Whoever takes on this role has a legal obligation to report suspicion of money laundering to the NCA. Failure to report is a criminal offence under the Proceeds of Crime Act 2002 and the Terrorism Act 2000.

Glasses

The money laundering compliance officer

The money laundering compliance officer (MLCO) takes responsibility for the firm’s compliance with the money laundering regulations. This is a significant responsibility and ICAEW expects the MLCO to have a good understanding of the Money Laundering Regulations.

Money bag