The Money laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692, as amended, set out various requirements for the assessment and management of money laundering, terrorist financing and proliferation financing risks to which your organisation's business is subject. The management of these risks often falls to the nominated officer (also referred to as the money laundering Reporting officer, or MLRO) and robust Governance and strong reporting lines are needed to assist the organisation and its nominated officer to discharge their responsibilities.

This Practice Note sets out some of the key considerations for establishing appropriate governance structures and reporting lines as part of the management of the risks of money laundering, terrorist financing and proliferation financing to which your organisation may be subject.

It provides guidance which is of general application. You should check whether the MLR 2017 contain additional or varied requirements for your sector and whether your regulatory body has any additional, sector specific requirements in relation to governance and reporting lines.

This Practice