Members Consultation - The Role of the Money Laundering Reporting Officer
We are inviting seasoned MLROs - both current and former - to share their insights and experiences
In recent years, we have observed an emerging trend where increasingly junior and less experienced individuals are invited to take the MLRO role. This shift often leaves individuals unprepared to face the steep challenge of navigating the complexities of the role without the experience and authority typically required.
Following a discussion at our last members meeting, we are in the process of creating a detailed guide outlining the responsibilities and liabilities that come with the MLRO role, emphasising the skills, knowledge, and competencies needed for success. Additionally, it will explore how MLROs can influence and shape a firm’s culture to enhance financial crime prevention strategies, and provide insights on evaluating one's position within the firm, especially in environments that may not fully support effective AML compliance.
To ensure this guide covers the breadth of experiences and challenges faced by MLROs, we are inviting seasoned MLROs - both current and former - to share their insights and experiences.
Your contributions will play an important part in providing a well-rounded perspective that could benefit many in the field, supporting the development of effective and resilient AML strategies.
We look forward to hearing from you,
The Institute Research & Advocacy Team
Update 28 April 2024
The consultation period for this report has now ended. We would like to thank all contributors for their input.
