Webinars by Practice Area
MLCO and MLRO roles explained
Available from: 24/06/2021
As part of the compliance regime in place within law firms, regulated businesses are required by the Money Laundering Regulations 2017 (as amended) to appoint someone as the Money Laundering Compliance Officer (MLCO), of at least management seniority, who will appoint the Money Laundering Reporting Officer (MLRO), supervise and vet the staff and undertake an independent audit of the firm’s procedures.
This has proved even more important under the measures imposed to deal with the Covid-19 pandemic.
As a senior member of a legal practice the MLRO has always been thought of as the fount of all knowledge when it comes to ML queries – but surely, the MLCO should take that role now.
How do these two roles overlap? Can the same person be both?
This webinar will look at the following topics:
- Roles and duties under Covid-19 restrictions
- Who can and should be the MLCO?
- Who can and should be an MLRO?
- What is the role of the MLCO?
- Policies, controls and procedures (PCPs)
- Vetting of staff
- Audit of procedures
- Overarching supervision and responsibility
- What is the role of the MLRO?
- Receiving reports for consideration and transmission to the National Crime Agency
- Liaison with the regulator(s) and law enforcement
- Contact point for ML queries
- Wider issues – cybercrime and business fraud
- Common issues for law firms
- Statutory obligations – where does the buck stop?
- What is the true division of responsibilities?