Jobs in Connecticut
MLRO
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.
Key Requirements
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.
Usual Responsibilities
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
Latest jobs in Financial Crime
-
about 12 hours ago
Head of Compliance
City of London
Our ClientA systematic hedge fund is looking for a Head of Compliance (SMF16/17) to join its London office. This is a standalone positio...
-
3 days ago
Compliance Manager - Infrastructure
City of London
Our ClientOur client is an asset manager with c. $5bn AuM which focuses on infrastructure projects within the United Kingdom. They are n...
-
3 days ago
Senior Cloud Security Solutions Archi...
City of London
85000
Our ClientOur client is looking for an individual to lead their Cloud Security Solutions (CSS) capability as they embark on an exciting ...
-
4 days ago
Principal EPM Consultant
City of London
75000
Our ClientOur client, a rapidly growing financial services technology consultancy firm, is currently looking for a Principal EPM Consult...
-
4 days ago
Financial/Accounting Business Intelli...
City of London
50000
Our ClientOur client is a world-renowned consultancy that delivers research-based and results-focused campaigns and strategies for corpo...
-
4 days ago
Consultant
City of London
45000
Our ClientOur client is a world-renowned consultancy that delivers research-based and results-focused campaigns and strategies for corpo...
-
7 days ago
Interim Compliance Manager
City of London
Our ClientOur client, a well-established hedge fund with offices in London and New York, is looking for an Interim Compliance Manager to...
-
13 days ago
Cyber Governance, Risk and Compliance...
City of London
Our ClientOur client is a challenger cyber security firm with a global footprint that offers managed security and consultancy services t...
-
13 days ago
Compliance Officer (SMF16/17)
City of London
Our ClientA global hedge fund is looking for a Compliance Officer (SMF16/17) to join its London office. This is a standalone position wi...
-
13 days ago
UK Compliance Officer (SMF16/17)
London
Our client, an independent private markets investment firm, is currently looking for a Compliance Officer based in London. Spanning acro...