MLRO 

TFLC provides MLRO functions to ensure the clients get the level of expertise required without the financial burden of a full-time resource, which is sometimes not needed given the size and complexity of the operation.

Money Laundering Reporting Officer (MLRO) and Compliance Officer outsource services play a crucial role in ensuring firms are incentivised towards compliance with anti-money laundering (AML) law and other legislation. Positions of Compliance Officer and MLRO need to be appointed by various sectors, for example, Designated Non-Financial Businesses and Professions (DNFBPs) and businesses involved in a regulated activity, as prescribed by statute requirements. These roles are important in ensuring business organizations are money laundering crime-free, laws are complied with, and ethical standards of practice are adopted.

The Compliance Officer is responsible for the effective implementation of policies and procedures aimed at complying with regulatory requirements.This involves monitoring business operations, identifying risks, and adhering to relevant laws and industry regulations. In the process, it is also the responsibility of the MLRO to report suspicious transactions, engage with regulators, and ensure that the AML system of the company is effective and robust.
Even though these roles may be merged and vested in an individual, he or she must have the qualifications, industry knowledge, and powers of function needed to perform his or her duties effectively.

Firms dealing in regulated industries are required to register their MLRO and Compliance Officer with the concerned regulatory bodies and on platforms such as the GO AML Portal. Registration provides transparency, accountability, and adherence to international AML standards. The GO AML Portal, developed by the United Nations Office on Drugs and Crime (UNODC), is an integrated reporting portal that facilitates the secure transfer of information regarding money laundering, terrorist financing, and other financial crimes.

It can provide the business with expert guidance, cost advantages, and compliance with regulation without employing workers on a permanent basis. Outsourcing the work to experienced experts is able to introduce external MLROs and Compliance Officers with significant quantities of experience in the industry, regulatory guidelines expertise, and adoption of best risk management practices. They ensure businesses are regulatory compliant with existing requirements while reducing financial as well as reputation risk.

Because of the intricacy of AML rules and compliance frameworks, businesses must employ skilled professionals to manage their regulatory requirements efficiently. Failure to comply with AML laws can draw hefty fines, loss of reputation, and even legal consequences. Outsourcing these functions allows companies to focus on their core business activities while staying compliant with local and international financial regulations.

We provide outsourced MLRO and Compliance Officer services to various sectors of business establishments. DNFBPs and regulated activity companies are required to register a Compliance Officer and Money Laundering Reporting Officer (“MLRO”) with the respective regulator and on the GO AML Portal. These roles can be combined and held by one individual, but that individual must be appropriately qualified and/or have sufficient experience and gravitas.

Our team has the relevant skills and experience to be an effective and constructive Compliance Officer and MLRO for your organisation. Our consultants will complete your team, working alongside you to ensure that your firm complies with all relevant regulatory requirements.