What is the purpose of an MLRO Report?
Regulators require firms to provide MLRO Reports on an annual basis but the frequency of these reports internally can be greater.
These reports ensure that the senior management of the firm, who are ultimately responsible for complying with the AML and CTF regulations, are kept informed of any issues as and when they arise. MLRO Reports are also a key supervisory tool for regulators who use these reports as part of their desk based supervision of firms to ensure that they are complying with the regulatory requirements on an ongoing basis.
MLRO Reports are a key supervisory tool for regulators
Depending on the regulator, you may be required to complete a standard form or simply provide a declaration of Compliance with the Federal Law as well as copies of your AML training. Whatever the requirement, the report must provide the information required in a clear and accurate format upon which your senior management can rely, your Regulators can review and where necessary test, during their risk assessment visits. Failure to submit a report, missing a reporting deadline or providing false or misleading information could have grave implications for your Firm, senior management and the MLRO.
CCL can provide you with all the support you need to meet both your internal and external reporting requirements.
Assistance with your MLRO Report
Our specialists can help to produce the MLRO report which will include:
- An assessment of the money laundering risk faced by your Firm
- Documentation of key AML performance and risk indicators
- A description of your policies, procedures systems and controls
- An opinion on your Firm’s anti-money laundering (AML) compliance
- The results of our testing of the effectiveness of your AML controls
CCL can also help support your MLRO with many other aspects of their responsibilities and help your Firm meet your Regulator's expectations including assurance reviews, guidance on Sanctions compliance, submission of SAR’s and training.
What should you do now?
For assistance with completing your MLRO Report, contact our consultants