The MLRO is required to report to the governing body of a firm at least annually on the operation and effectiveness of the organisation’s AML procedures.
The MLRO Report is a fundamental component of providing senior management with evidence of your Firm’s compliance with the Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) Laws and Regulations that apply to your Firm. Failure to produce a comprehensive annual MLRO Report and address any concerns raised as a result is a regulatory breach and can be used as evidence of a failure to exercise due skill, care, and diligence in managing the business.
Whilst the mandatory Report is annual, in complex or higher risk institutions, an MLRO’s Report should form part of the regular reporting to senior management.
Help and guidance with your Firm’s MLRO Report
CCL can provide you with all the assistance you need to ensure that you meet both your internal and external money laundering reporting obligations.
Our MLRO Report will:
- Independently assess and report on your compliance with the AML Rules & Regulations that apply to your Firm
- Provide details of how you tested the effectiveness of your AML controls
- Assess the money laundering risk specific to your business
- Document the key AML performance and risk indicators
- Review and assess the effectiveness of your AML monitoring arrangements
What should you do now?
To find out how we can help your business comply with the MLRO Reporting requirements specific to your Firm’s regulatory environment, contact our experienced team of consultants