AML/CFTR 5.1.5 Obligations of MLRO on receipt of internal report

(1) If the MLRO of a firm receives a suspicious transaction report (whether under this Division or otherwise), the MLRO must promptly:
(a) if the firm's policies, procedures, systems and controls allow an initial report to be made orally and the initial report is made orally — properly document the report;
(b) give the individual making the report a written acknowledgment for the report, together with a reminder about the provisions of Part 5.2 (Tipping-off);
(c) consider the report in light of all other relevant information held by the firm about the applicant for business, customer or transaction to which the report relates;
(d) decide whether the transaction is suspicious; and
(e) give written notice of the decision to the individual who made the report.
(2) A reference in this rule to the MLRO includes a reference to a person acting under rule 5.1.7 (3) (b) (Obligation of firm to report to FIU etc) in relation to the making of a report on the firm's behalf.

Note Under rule 2.3.5 the Deputy MLRO acts as the MLRO during absences of the MLRO and whenever there is a vacancy in the MLRO's position.
Derived by QFCRA RM/2019-8 (as from 1st February 2020)