AML/CFTR 2.3.3 General responsibilities of MLRO

The MLRO for a firm is responsible for:

(a) overseeing the implementation of the firm's AML/CFT policies, procedures, systems and controls in relation to this jurisdiction, including the operation of the firm's risk-based approach;
(b) ensuring that appropriate policies, procedures, systems and controls are developed, established and maintained across the firm to monitor the firm's day-to-day operations:
(i) for compliance with the AML/CFT Law, these rules, and the firm's AML/CFT policies, procedures, systems and controls; and
(ii) to assess, and regularly review, the effectiveness of the policies, procedures, systems and controls in preventing money laundering and terrorism financing;
(c) being the firm's key person in implementing the firm's AML/CFT strategies in relation to this jurisdiction;
(d) supporting and coordinating senior management focus on managing the firm's money laundering and terrorism financing risks in individual business areas;
(e) helping to ensure that the firm's wider responsibility for preventing money laundering and terrorism financing is addressed centrally; and
(f) promoting a firm-wide view to be taken of the need for AML/CFT monitoring and accountability.
Derived by QFCRA RM/2019-8 (as from 1st February 2020)