Role of the MLRO examination report published

Last year our Supervision Examination Unit and Pooled Supervision Unit conducted themed onsite examinations with a number of regulated businesses to assess the role of Money Laundering Reporting Officer.

We have now published our key findings and, of the 37 businesses we assessed, we identified findings with 35, of which three were referred to our Enforcement team for further review.

The majority of our findings related to:

• Procedures (ensuring the businesses has effective systems and controls in place to prevent and detect of money laundering and the financing of terrorism)
• Training and awareness (ensuring employees are alert to money laundering and financing of terrorism risks and well-trained in recognising notable transactions or activity which may indicate money laundering or terrorist financing activity). We are encouraging the boards and management teams of all regulated businesses to review our findings and consider their own arrangements to ensure they are adhering to our regulatory requirements.

Themed Examination Programme 2019: The Role of the Money Laundering Reporting Officer