The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692, as amended, set out when organisations must appoint a nominated officer (sometimes referred to as a money laundering reporting officer or MLRO) and a money laundering compliance officer (MLCO) and the duties attached to each role. You should also consider whether your anti-money laundering (AML) supervisory authority imposes any sector-specific requirements in relation to either role.
For detailed guidance, see Practice Notes: Money Laundering Regulations 2017—nominated officer and Money laundering compliance officer. See also Precedents:
Money Laundering Regulations 2017—nominated officer job description and role profile
MLCO and nominated officer—combined job description and role profile
Money laundering compliance officer—MLCO—job description and role profile
The term ‘money laundering compliance officer’ is not used in the MLR 2017. However, it has been adopted in various sectors to describe the person appointed under MLR 2017, SI 2017/692, reg 21(1)(a), ie the board-level person appointed as the officer responsible for the organisation’s compliance with the MLR 2017. This
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