The Roles and Responsibilities of the Money Laundering Reporting Officer (MLRO)

£575.00 +VAT

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This course can also be presented face to face in-house or via live in-house webinar.

The Roles and Responsibilities of the Money Laundering Reporting Officer (MLRO) Course Content:

The Role of the MLRO:

  • CDD and ongoing monitoring
  • Reporting processes
  • Keeping records
  • Internal controls
  • AML/CTF risk assessment
  • Training of staff
  • Communication of AML/CTF policy and issues within the business

Case Study/Example

The Initial Risk Assessment and Identifying and Evaluating Key Risks

  • Country risk Assessment
  • Institution’s risk assessment
  • Adopting the Risk Based Approach
  • How the MLRO, Compliance Officer, Chief Risk Officer, Internal Audit and the Board should co-ordinate
  • What makes an effective Compliance Officer?
  • Accountability of the Compliance Officer
  • Interdependencies with other control functions
  • Primary, secondary and on-demand compliance
  • The Compliance Officer’s Activities – and the support required

Case Study/Example

Internal Systems & Policies Including Implementing an Effective Compliance Framework and a Monitoring Programme

  • Analysing legal and regulatory rules
  • Identifying risks
  • Creating an internal AML/CTF policy
  • Designing control and procedures
  • Generating management information
  • Creating an effective compliance culture
  • Monitoring

Case Study/Example

Compliance and Corporate Governance

  • How does the MLRO contribute to Corporate Governance and help manage risk
  • Reporting to the Board and Board oversight
  • Creating an effective reporting/escalation process
  • Working with all levels of management to ensure training provided is suitable for the business on a risk based basis
  • Dealing with Regulators
  • Dealing with the NCA
  • Submitting regular (minimum annual) MLRO reports to the Board

Case Study/Example

Keeping up with “The Rules” and the ever changing risks Surrounding Compliance and Financial Crime Prevention

  • Issues in Compliance
  • Issues in Anti-Money Laundering (AML) and Combating Terrorist Financing (CTF)
  • Issues in Fraud
  • Issues in Identity Theft
  • Issues in Phishing

Case Study/Example

Managing the Risk of Money Laundering

  • Offshore Issues, PEPs and EPs
  • Know Your Client (KYC) and Identification & Verification (ID&V)
  • Annual reviews
  • High risk clients
  • Monitoring systems
  • Testing procedures

Case Study/Example

Evaluation of Internal Reports

  • Disclosure & Escalation
  • Whistleblowing process
  • Requesting consent
  • Reminding staff about tipping off
  • Escalating to the NCA
  • Obtaining further information
  • Identifying the reasons for suspicion
  • Documenting decisions not to report externally
  • Submitting/Escalating SAR’s
  • Policing the process
  • Reporting past practices which recent reports indicate could now me money laundering
  • Policing the notice period following an SAR
  • Policing moratorium periods imposed by the NCA

Case Study/Example

Other Regulatory Risks

  • Information Security and Data Protection
  • Market Abuse and Insider Dealing
  • Bribery and Corruption
  • Sanctions
  • …and other types and Risks in on-shore and off-shore Banking

Case Study/Example

Accounting for People Risks in Risk Management

  • Understanding the importance of human error in procedures-driven environments
  • Common human factor problems
    • Steep authority gradients
    • Reliance vacuums
  • Dominant individuals
  • Identifying and addressing human factor issues
  • Developing an effective compliance culture

Case Study/Example

Potential Criminal Abuse of Private Banking Services, Trusts and Corporate Services companies

  • Offshore companies and corporate services analysed
  • Offshore trusts and trustee services analysed
  • The criticality of fiduciary duty
  • Understanding commercial rationale
  • AML trust and company vulnerabilities
  • Examples of abuse

Course Conclusion – Open Forum and Wrap Up

The Roles and Responsibilities of the Money Laundering Reporting Officer (MLRO) Course Overview:

Background

This one day workshop is designed to explain fully the roles and responsibilities of an MLRO. The workshop will be highly interactive and discussion, debate plus the swapping of “war stories” will be actively encouraged.

As far as AML is concerned, the buck stops with the MLRO.  This is a key position within any financial services firm. When it comes to the identification, detection, escalation, reporting, managing and training of staff on Anti Money Laundering procedures it is the personal responsibility of the MLRO to ensure this all happens as effectively and efficiently as possible. In most jurisdictions it is a mandatory role. The MLRO should have a degree of seniority and authority within the business to drive policy decisions and actions. He/she should have undergone sufficient level of training and hold suitable qualifications and experience. Arrangements should be in place for when the MLRO is absent.

Course Length Case Study

In addition to numerous case studies and examples, there will be a a course long case study, involving investigations and escalations to illustrate the learning points fully..

Who Should Attend:

MLRO’s and all staff working within a compliance function especially those charged with AML escalations/investigations. Members of the internal audit function. Senior managers and top management would also derive considerable benefit from attending as they are the ultimate risk owners.

Background of the Trainer:

Your course director has spent more than 40 years in the banking and financial sector, much of it in a senior managerial/Director role. He is a former Institute of Banking Lecturer, having gained distinctions in the exams. He is a subject matter aspect on all aspects of retail, corporate and global banking, including risk management and regulatory compliance as well as soft skills.

He has trained extensively at leading global financial institutions and smaller bespoke specialists, including non- bank financial institutions and legal practices. He is familiar with the Mauritian market having delivered courses for the MBA and local specialists, including Global finance. He has delivered extensive programmes in all parts of the world including the USA, Europe, MENA, Africa and Hong Kong. He is currently an accredited Master Trainer at the world’s biggest global bank.

 

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Select Your Course Date

16 November 2018, 04 April 2019, 12 November 2019