FIAU: Guidance Note on the Money Laundering Reporting Officer
The Financial Intelligence Analysis Unit (FIAU) has recently published a guidance note on the role of the Money Laundering Reporting Officer (MLRO). This guidance note covers a number of areas which address common issues and queries that arise in relation to this role.
This document is made available to all subject persons to strengthen the understanding of the MLRO's role and the related regulatory obligations. It covers the following 5 areas:
- Independence & Autonomy
- Conflicts of Interest
- Outsourcing, Secondment & Employment
- Knowledge, Skills & Expertise
- Personal Liability
- Record Keeping
It is advisable that this document is not consulted as a standalone, but together with the PMLFTR and the applicable Implementing Procedures, including any sector specific Implementing Procedures that may contain directions on the MLRO.
We can help clarify these requirements in relation to your operations. Get in touch
Want to know more?
Alicia Vella Advisory Director Birkirkara
Related Content
AML frameworks
A robust AML framework is an essential element that subject persons must implement to protect their operations from being used by criminals.
AML Remediation plans
Regulatory scrutiny is part of the game.
Business risk assessment (BRA)
The Business Risk Assessment (BRA) allows the subject person to ensure that the current business model is in line with its risk appetite. In order to be effective, it must be drawn up using reliable quantitative and qualitative data and be regularly revised.