Financial Crime

The Role of the MLRO - Online Workshop

Course Information

  • Date(s): April 21, 2020
  • Location: Online
  • Led By: Chris Leatherland
  • Type: Online Workshop

About this Online Workshop

The role of the Money Laundering Reporting Officer (MLRO) is absolutely vital in ensuring that firms remain compliant with their anti-money laundering requirements and are alert and able to respond to the risks associated with anti-money laundering.  

MLROs and Heads of Financial Crime managers 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 1-day workshop has been designed to offer a comprehensive analysis of the role and responsibilities of a Money Laundering Reporting Officer. The session will examine the legislative framework and provide an update on the FCA’s current priorities. We’ll then discuss where responsibility should sit between senior management and the Money Laundering Reporting Officer themselves.

There will be a review of regulatory requirements in detail, including the FCA’s latest expectations arising from the Senior Manager Regime. Other important aspects of the role, such as the MLRO’s responsibilities when it comes to training and awareness and MI, will also be examined.

This workshop will be delivered online via Zoom.

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
  • Understand how to develop money-laundering risk assessments
  • 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: 

  • MLROs
  • Deputy and Assistant MLROs
  • Compliance Officers
  • Chief Executive Officers
  • Internal Auditors
  • Any other professionals whose responsibilities rely on those of the MLRO
  • Any other professionals who hold accountability for their firm’s AML controls

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




Specific learning requirement?

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About the instructor

Chris Leatherland

Chris is currently Head of Financial Crime (CF11) at NewDay Ltd, a retail/commercial operation with in excess of 5 million accounts handled by varying channels and through numerous relationships both direct and with partners.

Previously with the National Australia Group, GE and Santander in similar roles covering full service bank offerings. A retail/commercial banking background with extensive history in Regulatory interface, addressing the creation of both strategic and operational Financial Crime prevention and detection regimes. Effective commercially balanced Risk Based methodologies in “Know Your Customer” due diligence and application criteria, with various models used for Transaction/Activity monitoring and Sanctions screening.

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Kieran_Maplesden

Kieran Maplesden
Managing Director


0203 800 1099
kieran.maplesden@thefourthline.co.uk

Fahim Miah

Fahim Miah
Head of Learning Solutions


0203 854 0591
fahim.miah@thefourthline.co.uk