Jobs in Cheltenham
As mentioned in our article "5 Essential Points for Hiring a MLRO", the Money Laundering Reporting Officer (MRLO) was always an important role, but has gained even more significance recently. The number and size of fines for anti-money laundering (AML) and financial crime compliance (FCC) breaches is increasing, and money launderers and criminals are exploiting the coronavirus pandemic to ramp up attacks on firms.
The MLRO is a senior figure who will represent your firm. This requires the FCA's 'fit and proper person' approval: CF11 under the outgoing regime, SMF17 under SMCR. This means that a good MLRO must behave in a way that is appropriate to their position.
Purpose of the role
The main focus of the MLRO role usually is to establish and effective compliance culture within a firm for fighting against money laundering, terrorist financial, and other forms of financial crime. Because of the role's high importance, a MLRO must build strong relationships with key stakeholders, senior management and a company's board to ensure they are fully aware of all anti-money laundering matters.
The MLRO's knowledge must include the technical side of reporting and record-keeping requirements like Financial Conduct Authority (FCA) suspicious transaction and order reports (STORs) and National Crime Agency suspicious activity reports (SARs).
A new MLRO needs sufficient experience to overhaul protocols and procedures to reduce the risk of breaches and avoid fines.
They must also know how to manage a team. That includes knowing how to delegate and how to develop talented subordinates.
Money launderers are always seeking new channels to exploit. An MLRO must not just know launderers’ latest methods, but have a keen sense of what might be a new ruse. That said, they must be pragmatic and keep a sense of proportion. They should not immediately ‘red flag’ every little thing.
Comply at all times with the Statements and Code of Practice for Approved Persons
Implement Anti-Money Laundering and counter-terrorist financing policies aligned with evolving regulatory obligations
Oversee all aspects of Financial Crime related regulation, policies, procedures and controls
Daily management of all financial crime prevention efforts. This implies providing updates, escalating issues and highlighting areas of interest to key stakeholders
Establish and maintain appropriate risk-based monitoring processes
Oversight of AML/KYC and CDD policies and procedures . Review client files to assess whether they are in line with regulatory requirements
Provide support, guidance and training for team members to enhance their knowledge financial crime related matters
Manage and mentor AML teams
Keep up to date with statutory and regulatory developments in AML.
Take charge of anti-money laundering training to ensure everyone in the firm receives appropriate training which meets regulatory requirements
Nestled against the renowned UK Cotswolds, Cheltenham is the perfect location to unwind and savour the charm of a small – yet well-connected and developed – town.
The city is all about its perfect blend of traditional and modern: while its regency architecture is full of history, its restaurants and festivals encapsulate modern times at its finest.
If you are a food lover, you will be enticed by Cheltenham’s varied food offerings, which range from Michelin-starred restaurants to street food. Voted the Best Place to Live in the South West 2020 by The Sunday Times, it is the host of more than 25 festival every year and was rewarded the “purple flag award”, given to towns and cities that offer an entertaining, diverse, safe and enjoyable night out.
Getting around Cheltenham is incredibly easy: its main attractions, restaurants and cultural spots can all be visited by walking or cycling around town. A 20-minute walk or 10-minute cycle will usually get you anywhere in the city.
While most people usually drive around Cheltenham, this isn't necessary as the local bus system is well connected and efficient. You can also find licensed taxis around town