Anti-Money Laundering Risk Officer (MLRO) Job Description
The Anti-Money Laundering Risk Officer (MLRO) is responsible for designing and monitoring internal AML procedures and policies relating to record keeping, reporting, risk assessment, customer due diligence measures, and management control systems.
He/she will also be responsible for organizing and arranging training for the staff on anti-money laundering procedures. The post also involves receiving internal disclosures of suspected money laundering or terrorist financing activities and deciding whether or not there is sufficient evidence to warrant a disclosure to the relevant authority.
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Anti-Money Laundering Risk Officer (MLRO) Job Responsibilities
Responsibilities include but are not limited to:
- Handle the preparation work and management of inspections by the regulator
- Research and understand changes in regulation
- Develop policies internally relating to AML in the company and oversee the implementation of those policies
- Work to develop AML guidance materials, training resources, and controls
- Update internal handbook on AML policies
- Advise senior management of any likely implications of changes to internal policies
- Implement the annual AML plan and perform the relevant quality assurance checks to ensure adherence
- Conduct due diligence reviews
- Report results of reviews of AML risk assessments and monitor remedial proceedings
- Identify, investigate, and resolve all activities that are deemed noncompliant.
- Review and approve all advertisements for publishing and broadcasting
- Plan AML training sessions
- Provide advice on the implication of future business strategies
- Act as a subject matter expert for the business and point of reference to address related queries
- Inform the relevant authorities of any breaches
- Compile reports for the board and internal risk committees
- Address issues relating to transaction monitoring, filtering, and sanctions
Reports to Whom
The Anti-Money Laundering Risk Officer (MLRO) usually reports to the Senior AML Risk Manager in the organization.
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Anti-Money Laundering Risk Officer (MLRO) Qualifications (Desired Skills and Experience)
- Graduate degree in business studies, law, accounting or specific training in risk management
- Background in investment, banking, insurance or law enforcement
- Excellent interpersonal skills
- Ability to communicate well with all levels of employees, especially at the senior level
- An analytical and enquiring mindset
- Systematic approach to work
- Exceptional report writing skills
- Good oral and written communication skills
- Excellent presentation skills
- Persuasive, assertive, and proactive
- Proficient in Microsoft Office Suite (Word, Excel, Project, PowerPoint)
- Self-motivated team player
- Pays very close attention to details
- Extensive knowledge of regulatory and legal framework relating to the business
- Ability to multi-task and prioritize
- Ability to maintain strict confidentiality
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