MLCO and MLRO Masterclass
Are you a law firm MLCO or MLRO? Do you understand what you need to do and how to do it? Perhaps you’re new to the role?
The roles of Money Laundering Compliance Officer (MLCO) and Money Laundering Reporting Officer (MLRO) carry heavy responsibilities. MLCO is responsible for ensuring that the firm has robust AML systems and controls, whereas the MLRO is responsible for reporting suspicious activity. With the SRA’s ever-increasing proactivity in monitoring law firm AML compliance – and levying heavy fines for non-compliance – these roles have become more onerous and high profile.
This half-day course, led by Solicitor and compliance expert Edward Austin, will give you a good understanding of the responsibilities of both roles with practical guidance on how to carry them out confidently and effectively.
What our training for MLCO and MLRO covers
- The legislative framework – the Money Laundering Regulations, Legal Sector Affinity Group Guidance, SRA Guidance and Warning Notices
- What are the roles of the MLRO and MLCO and where is the line between them?
- How do the roles of MLCO and MLRO overlap with the roles of COLP and COFA?
- AML Policy – what it should cover and how to implement it effectively
- Client and matter risk assessments – what should be considered and how to complete them effectively
- Client Onboarding - what type of due diligence is needed for each type of client? Electronic and/or paper ID?
- PEPs, sanctions and adverse media
- Source of funds and wealth – how far should your investigations go?
- Reliance - what is it and should you allow it?
- Supervision – file audits, spot checks, ad hoc questions, and recording them
- Training and communicating with your team – building a compliance culture
- Independent AML audit – what is it and how often is it needed?
- People screening – how and when should you do this?
- Reporting and recording suspicions internally
- Reporting suspicions to the NCA – when to submit a SAR and when a DAML is appropriate
- Are you ready for an SRA inspection? How and what to prepare.
What our clients say...
Are you ready to take the next step ?
Please reach out to Anne to discuss our training packages above or your individual requirements so we can provide a quote.
