The 3 ‘Rs’ - The Role, the Responsibilities & the Risks for MLROs
On the 26th June 2017, under the Fourth Money Laundering Directive (4MLD), the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 came in to force. Changes were also made to the Proceeds of Crime Act (POCA).
Under the MLR 2017 and legislation it is a requirement by law to have a nominated money laundering reporting officer (MLRO) in the regulated sector. MLRO's and their deputies will need to ensure that all policies, procedures and internal controls have been updated to incorporate the changes and training has been provided for the staff.
This course is not for academics but is full of practical advice and real life scenarios.
Presented by the 'brilliant' and 'engaging' Jo Morris this course is essential if you are new to the role of MLRO or deputy or just wish to learn more about the role and the changes in regulation.
What You Will Learn
This course will cover the following:
- The appointment of the MLRO
- Job description - what does the role cover
- The Money Laundering Regulations 2017:
- Risk assessment requirements
- Changes made to due diligence
- Capturing of client information
- Identifying the source of funds and wealth
- The extended definition of a PEP
- Beneficial owners
- Record keeping
- MLR2017 and Data Protection
- Training - who, what, when and how
- Reporting to the NCA - what to report and how to complete a SAR
- Penalties for getting it wrong
- Template documents - what records should you be keeping
- The future - 5MLD
Quick Quiz - Test Your Knowledge: Money Laundering
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