MLRO (Money Laundering Reporting Officer)

The MLRO (Money Laundering Reporting Officer) is a nominated officer 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.

Regulated businesses often have an MLRO or BSA officer. 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 the business’ client files and business information so that they can 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 organizations, the MLRO may have a team of people working with them, but the ultimate responsibility for anti-money laundering training within the business, designing and implementing AML systems and procedures, and managing disclosures lies with the MLRO.