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Name of your Money Laundering Reporting Officer (MLRO)

Guest007Guest007 Feels At HomeRegistered Posts: 54
Hi,

I am filling up an application form and one of the question about our firm is given below:

Q. Name of your Money Laundering Reporting Officer (MLRO)

Does it mean who deals with money laundering in our firm?

Thank you for your time.

Regards,

Comments

  • Claire321Claire321 Well-Known Registered Posts: 209
    It is the person responsible reporting any suspicions to SOCA. All staff should report a suspicious activity to the Money Laundering Reporting Officer.

    "A Money Laundering Reporting Officer (MLRO) is the officer nominated within a firm or practice to make disclosures to the Serious Organised Crime Agency (SOCA) under the Proceeds of Crime Act 2002 and the Terrorism Act 2000."

    All staff should be aware of who the MLRO is within their firm.
  • payrollpropayrollpro Trusted Regular Hampshire/SurreyRegistered, Working Together with HMRC Posts: 418
    As Sarah says its not just the person who deals with MLR, it is the person who is responsible and there is legal requirement for the business to have one. Staff report problems to the nominated person and if that person determines that it is serious enough they submit the SAR and then manage the activity for the client.

    This is the person who makes sure you cease to act for the client, ensures no information about it gets to the client, otherwise you may be guilty of "tipping off" and who then manages the return to acting for them after the required period or after SOCA has made its decision.

    Its a lot more than just dealing with money laundering.
  • Guest007Guest007 Feels At Home Registered Posts: 54
    Thanks Claire & PayrollPRO

    Your answer is really helpful and much appreciated.
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