MLRO Update Winter 2024-25 - Latest Developments & Best Practice

Introduction

Under legislation it is a requirement by law to have a nominated MLRO in the regulated sector.

MLROs and their deputies will need to ensure that all policies, procedures and internal controls and risk assessments have been updated to incorporate the changes and training has been provided for the staff.

This is easier said than done as the world of AML is constantly changing.

In the last year regulators have updated their guidance to include proliferation financing and changes to discrepancy reporting. There has been an emphasis on sanctions and the use of technology with regulators have released templates and issued advice on key areas of non-compliance found during their AML visits.

As MLRO, have you reviewed all the guidance and implemented the changes? How up to date are your policies and procedures? Has your training been refreshed?

This new virtual classroom seminar will make sure you are up to speed with recent developments and is essential viewing for new MLROs and deputies, compliance officers and those who wish to learn more about the role and the changes in regulation.

What You Will Learn

This live and interactive session will cover the following:

• The appointment of the MLRO
• Job description - what does the role cover
• The regulators and their guidance
• The Money Laundering Regulations 2017 including the 5MLD updates:
• Risk assessment requirements
• Changes made to due diligence
• Capturing of client information
• Identifying the source of funds and wealth
• The extended definition of a PEP
• Beneficial owners
• Record keeping
• MLR2017 and Data Protection
• Training - who, what, when and how
• Reporting to the NCA - what to report and how to complete a SAR
• Penalties for getting it wrong
• Template documents - what records should you be keeping
• The future

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.