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13.5. Qualities of Money Laundering Reporting Officer
FINANCIAL SERVICES LEGISLATION
RULES
ANTI-MONEY LAUNDERING AND COUNTER-TERRORIST FINANCING AND SANCTIONS RULES
Figure 1 – The Risk Based Approach
Figure 2 – Customer Risk Assessment
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13.5. Qualities of Money Laundering Reporting Officer

13.5.1. Organisational standing

A Relevant Person must ensure that its MLRO has:

  1. (a) direct access to its senior management;
  2. (b) a level of seniority and independence within the Relevant Person to enable him to act on his own authority and to act independently in carrying out his responsibility;
  3. (c) sufficient resources, including appropriate staff and technology; and
  4. (d) timely and unrestricted access to information sufficient to enable him to carry out his responsibilities in AML 13.6.1.

Guidance on qualities of Money Laundering Reporting Officer

A Relevant Person will need to consider AML 13.5.1. when appointing an outsourced MLRO. Any external MLRO that is appointed will need to have the actual or effective level of seniority that the role requires.