About this
Workshop
This 1-day workshop is designed to be a comprehensive analysis of the role and responsibilities of a Money Laundering Reporting Officer. This practical one-day session delivered by Fourthline is particularly suitable for newly appointed, or aspiring, MLROs as well as Deputy MLROs and others with responsibility for their firm’s AML controls.
MLRO’s and Heads of Financial Crime are under increasing pressure to retain, maintain and enhance their skills and knowledge, whilst managing risks according to a risk-based approach. This has been highlighted further by new personal accountability regulations and SMCR. With the increased number of personal fines, it is imperative that businesses and Senior Managers stay updated with new regulations and implement the correct controls and functions to prevent a breach.
This workshop outlines the legislative framework and explores the split of responsibilities between the firm’s senior management and the MLRO. Delegates will gain an understanding of how to develop a money-laundering risk assessment as well as the practicalities of managing the firm’s suspicious activity reporting arrangements.
We'll provide an update on the FCA’s current priorities and present a detailed review of regulatory requirements, including details of the very latest from the FCA on the regulatory expectations under the Senior Manager Regime, which will provide delegates with a detailed understanding of how these laws and regulations apply to operational activity and the role and responsibilities of the MLRO and Nominated Officer.
Other key role requirements such as training and awareness responsibilities and MI (including the regulatory requirement for an annual report to senior management) will also be addressed.
Learning outcomes:
- Learn more about the role and responsibilities of senior financial crime managers
- Consider the impact of the latest international regulatory developments and future legislative and regulatory changes
- Review of the latest financial crime trends
- Analyse international efforts to mitigate tax evasion, identify bribery and corruption and financial crime trends
- Learn more about the very latest UK FCA news and enforcement actions relating to financial crime non-compliance
- Analyse some key case studies concerning individual accountability and failings
Agenda:
- What is the high-profile role of the MLRO?
- Define the Senior Manager’s Accountability, and the role and responsibility of the MLRO and Nominated Officer, including financial crime compliance reporting responsibilities in the UK
- Understand responsibilities vs. senior management's
- The statutory and regulatory origins of the MLRO’s responsibilities and the parallel responsibilities of senior management
- What have been the legal developments including the Fourth (Fifth and Sixth) EU Directives, UK Money Laundering Regulations 2017, Terrorism Act 2000 and Bribery Act 2010
- Management information obligations in addition to the annual report required by regulatory Rules to be delivered from the MLRO to senior management
- The day-to-day management of the AML & CTF regime
- Money laundering and the financing of terrorism
- Explores and compares against other UK AML regulators the relevant expectations of the regulator
- The importance of best practice standards in the industry, relevant regulators’ guidance and the guidance issued by the Joint Money Laundering Steering Group (JMLSG) and other regulatory authorities
- Explain what a risk-based approach is and how to produce a risk-based AML assessment of a firm’s business
- Discuss the emerging transnational organised crime risk threat assessment and trends including money laundering; financing of terrorism and proliferation; fraud; sanctions evasion; tax evasion; bribery and corruption; modern slavery and human trafficking (Modern Day Slavery)
- Managing the direct and indirect risks of virtual assets, also referred to as crypto assets
- What are the training and competence requirements required by the FCA?
Case Studies and Group Discussions throughout
Who should attend:
This course is suitable for MLROs as well as other professionals who need to review or rely on the effectiveness of the MLRO including,
- Deputy and Assistant MLROs
- Chief Executive Officers
- Internal Auditors
- Internal Auditors
- Compliance Officers
- Chief Executive Officers
Benefits of attending:
- Explain the nature of the Money Laundering Reporting Officer (MLRO) roles and responsibilities
- Comply with all statutory and regulatory obligations relating to the MLRO role
- Deal with Suspicious Activity Reports (SARs) and consent requests
- Assess the adequacy and effectiveness of the firm’s AML/CTF regime
- Provide an adequate 'annual' report to Senior Management
