Roles of Money Laundering Reporting Officer MLRO (AML CFT)

WHY MONEY LAUNDERING REPORTING OFFICERS (MLROs) ARE NEEDED AND IN DEMAND?

Due to digitalization, the increase in money laundering/terrorist financing activities, digital frauds, regulatory pressures, and significant AML Fines, financial institutions required to ensure that they develop appropriate AML Compliance programs, policies, procedures, AML controls, transaction monitoring mechanisms, investigation processes, and reporting structures. These critical AML compliance requirements are only possible with the appointment of a relevant, experienced, and qualified Money Laundering Reporting Officer (MLRO).   

Institutions hire MLROs on very attractive packages, and they hire them on high designations because MLROs are considered subject matter experts in the AML/CFT Compliance domain.

The MLROs, also known as Nominated Officers are in demand in nearly all jurisdictions and countries, including the United States, European countries, United Kingdom, Asian Countries, Canada, Australia, Singapore, Middle East, Malaysia, etc. 

WHY MLROs ARE IN HUGE DEMAND IN COMPLIANCE DOMAIN?

To assess and prevent Money Laundering (ML) and Terrorist Financing (TF) risks banks, MSBs, Payment Gateways, DNFBPs, Electronic Money Companies, Money Exchange Companies, Remittance Companies, Crypto exchanges, Online Gaming, etc. need to hire a dedicated MLRO. Without appointing a relevant, experienced, and dedicated MLRO, a financial institution is exposed to a higher level of regulatory non-compliance risks and AML fines, because the chances of non-compliance with applicable Anti-Money Laundering (AML/CFT) laws, AML Act, and AML regulations are significantly increased. MLROs may help in avoiding or lowering the significance of potential penalties, that are faced due to AML/CFT non-compliance.

SOME IMPORTANT QUESTIONS TO THINK? 

Before starting to discuss the parts of this course, I am sharing some questions below for you to answer.

1. Do you know, Who actually is an MLRO, and what are the key broader expectations of Regulators, Board of Directors, and Management from the appointed MLRO?   

2. Are you pursuing a career in the AML Compliance domain and do you want to learn more about AML compliance and the roles and responsibilities of Money Laundering Reporting Officer (MLRO)?

3. Do you know what are the common Digital or Online fraud trends including Cryptocurrency Money Laundering that MLROs should identify and prevent?

4. Do you want to know the broader and key AML Compliance interview questions that MLROs should understand to appropriately answer? 

5. Do you want to learn about important AML/CFT requirements related to the MLRO, such as appointment & accountability of MLRO, Reporting, and Hierarchy of MLRO in financial institutions?

6. Do you know the "5 KEY REASONS OF AML FINES" that MLROs of Financial Institutions such as Banks, MSBs, Payment gateways, Money Exchanges, etc. must understand and address? 

The above broader questions are addressed in this course for you.

ABOUT THIS COURSE:

In this course, you will learn various important topics and related concepts, including:

• Money Laundering, Money Laundering Activities with Examples, Anti-Money Laundering (AML), 

• Need for Strong AML Monitoring in an Organization with Example,

• Institutions are more Exposed to Money laundering,

• Who is an MLRO / Is an MLRO the Same as a Compliance Officer, 

• Roles and responsibilities / Job Description of MLRO,

• High-Risk and Low-Risk Factors for Consideration of MLRO,

• Risk-Based Transaction Monitoring by MLRO and Example,

• Different Digital or Online fraud types that MLRO should understand, identify, and prevent,

• Suspicious Transactions and Suspicious Transaction Reporting (STR) / Suspicious Activity Reporting (SAR) by MLROs

• Elements of Screening Process and Example,

• AML/CFT Training and Reporting Requirements including Currency Transaction Reporting,

• Good Transaction Monitoring and Bad Transaction Monitoring examples being performed by MLRO,

• Accountability of MLRO,

• Internal Reporting by MLRO,

• Digital Frauds that are committed by Fraudsters or money launderers that MLROs must understand and prevent,

• Frauds committed by Crypto Money Launderers that MLROs must understand and prevent,

• 5 Key Reasons for Significant AML Fines by Regulatory Authorities that MLRO must address,

• Hierarchy and Position of MLRO in Financial Institutions,

• Core requirements to hire the MLRO, 

• 7 Steps MLRO follows to investigate a Suspicious Transaction,

• Multiple Choice Questions (MCQs) are also part of this course to test your knowledge gained through this course.

Other Benefits of Attending This Course:

• On completion of this course, you will get a certificate of course completion, which shall enhance your job profile,

• Get lifetime access and a certificate of completion of this course.

Who Should Attend This Course:

• Compliance professionals, including AML Analysts, CFT Analysts, AML Heads, Anti-Financial Crime Specialists

• Money Laundering Reporting Officers - MLROs or Newly appointed MLROs or Deputy Money laundering Reporting Officers (DMLROs)

• Bankers,

• Professionals working in MSBs, Payment Gateway Companies, Money Exchange Companies, Remittance companies, etc. 

• Financial Intelligence Unit (FIU) professionals,

• Branch Managers / Operations Managers,

• Risk Managers,

• Risk Management Consultants,

• Internal Auditors,

• CAMS students,

• Others who want to learn AML / CFT monitoring requirements.