Money Laundering Reporting Officer (MLRO)

Summary

An opportunity has risen for a Money Laundering Reporting Officer (MLRO) to join our growing team

Job description

The MLRO is responsible for overseeing the organisation’s compliance with Anti-Money Laundering (AML) regulations, ensuring that professional services offered by the company meet all legal and regulatory requirements. This includes, acting as Nominated Officer to received internal suspicious activity reports, and submitting reports to the relevant regulatory authority, ensuring the firm’s policies align with regulatory and professional standards, and acting as the primary point of contact for regulatory authorities. The role is critical in safeguarding the firm’s reputation and ensuring client trust.

Key Responsibilities:

Compliance Management:

  • Ensure the firm adheres to all relevant AML regulations and industry guidelines specific to the professional services sector.
  • Develop and maintain a robust AML compliance framework that is integrated across the business’s various service lines.
  • Keep abreast of AML regulations, legal changes, and trends affecting professional services firms.

Client & Transaction Review:

  • Advise on client engagements and financial transactions to help assess the risk profile of professional services clients and transactions, including any requirement for defence against money laundering applications.
  • Advise on assignments where sanctions may apply.
  • Acting as Nominated Officer and ensuring accurate and timely submission of suspicious activity reports (SARs) and/or DAMLs and other regulatory filings.

Regulatory Reporting & Liaison:

  • Act as the key liaison with regulators, law enforcement, and other relevant authorities on AML matters, including annual inspection visits by ICAEW
  • Ensure that all reports and notifications are submitted accurately and on time to meet regulatory obligations.
  • Ensure annual return is made regarding Economic Crime Levy.

Policy & Procedure Development:

  • Draft, implement, and update the firm’s AML policies and procedures to reflect industry best practices and regulatory requirements.
  • Ensure that AML policies are appropriately tailored to the nature of the firm’s services, including client onboarding and ongoing monitoring processes.
  • Conduct regular reviews and risk assessments of the firm’s exposure to money laundering risks.

Internal Audits & Compliance Testing

  • Conduct periodic audits of AML procedures within the firm to ensure compliance and identify potential weaknesses.
  • Lead efforts to address identified compliance gaps and mitigate risks.

Training & Capacity Building:

  • Arrange AML training tailored to the professional services sector to staff at all levels, ensuring awareness of their responsibilities in identifying and reporting suspicious activities.
  • Serve as a point of reference for AML-related queries and provide ongoing advice to staff.
  • Manage firms’ network of Assistant Money Laundering Reporting Officers.

Record Keeping & Documentation:

  • Maintain comprehensive and secure records of all AML-related activities, including client due diligence records, training logs, and internal reports.
  • Ensure that all AML documentation is readily accessible to auditors and regulatory authorities.

Risk Assessment & Mitigation:

  • Conduct regular assessments of the firm’s AML risk exposure, considering the unique risks in delivering professional services.
  • Develop and implement risk mitigation strategies, including enhanced due diligence for high-risk clients or engagements.
  • Maintain Firmwide AML risk assessment.

Collaboration & Communication:

  • Work closely with the firm’s senior management, legal team, and risk committees to ensure a holistic approach to AML compliance across all business units.
  • Provide regular updates to the board or senior leadership on AML risks, compliance status, and regulatory developments.

The ideal candidate

  • Educational Background: Bachelor’s degree (or equivalent) in law, finance, business administration, or a related field is desirable. A legal or risk management background in professional services is preferred.
  • Certification: Relevant AML qualifications (e.g., ICA, CAMS) would be advantageous but not essential.
  • Experience: Minimum of 5 years of experience in AML compliance, risk management, or financial crime within a professional services firm or a similar environment.
  • Regulatory Knowledge: Strong understanding of AML laws, regulations, and their specific application to professional services organizations.
  • Attention to Detail: Proficiency in analysing complex data, identifying trends, and spotting anomalies.
  • Communication Skills: Exceptional written and verbal communication for interfacing with regulatory bodies, clients, and internal stakeholders.
  • Analytical & Investigative Skills: Ability to investigate suspicious activity while adhering to strict confidentiality.
  • Leadership & Integrity: Demonstrated ethical leadership, integrity, and discretion in handling sensitive matters.

If you are interested in applying for this role, please send a covering letter and a copy of your CV to the HR team at Careers@frpadvisory.com  by 30 November 2024.

 

  • Status

    Permanent

  • Closing Date

    30 November 2024

  • Location

    Flexible

  • Department

    TBC