Supervised Roles

For smaller regulated businesses we can provide an MLRO and/or MLCO services, this also includes Nominated Officers where the MLRO needs to have an independent eye. We bring decades of financial crime experience and experience with the most complex and high profile cases, ensuring your operations remain smooth, efficient, and compliant.

Contact us
Money Laundering Compliance OfficerMoney Laundering Reporting Officer

Money Laundering Compliance Officer

An MLCO, or Money Laundering Compliance Officer, plays a crucial role in financial institutions and other regulated entities. These are some of their key responsibilities, in Guernsey this role holds the responsibility of the operational compliance with Schedule 3 and the Handbook:

  • Developing and Implementing Policies: The MLCO is responsible for creating and enforcing anti-money laundering (AML) policies and procedures to ensure the company complies with Guernsey’s legal and regulatory requirements.
  • Monitoring Transactions: They continuously monitor transactions to detect and report suspicious activities that might indicate money laundering or terrorist financing.
  • Reporting: The MLCO must report any suspicious activities to the Financial Intelligence Unit (FIU) in Guernsey. They also ensure that all necessary reports and records are maintained and submitted as required by law.
  • Training and Awareness: They provide regular training to staff on AML regulations, policies, and procedures to ensure everyone is aware of their responsibilities and can identify potential money laundering activities.
  • Risk Assessment: The MLCO conducts regular risk assessments to identify and mitigate potential money laundering risks within the company.
  • Compliance Audits: They perform or oversee periodic audits to ensure the company’s AML policies and procedures are effective and being followed correctly.
  • Liaison with Regulators: The MLCO acts as the main point of contact between the company and regulatory bodies, ensuring that the company stays updated on any changes in AML laws and regulations.
  • Record Keeping: They ensure that all records related to AML compliance are kept accurately and securely, as required by law.
  • Advisory Role: The MLCO advises the company’s management and board on AML compliance issues and best practices.
  • Updating Policies: They regularly review and update AML policies and procedures to reflect changes in laws, regulations, and industry best practices.

Money Laundering Reporting Officer

An MLRO, or Money Laundering Reporting Officer, plays a crucial role in financial institutions and other regulated entities. These are some of their key responsibilities:

  • Compliance Oversight: Ensuring the organization complies with anti-money laundering (AML) regulations and laws.
  • Reporting: Filing suspicious activity reports (SARs) to the relevant authorities when there are indications of money laundering or other financial crimes.
  • Risk Assessment: Conducting regular risk assessments to identify and mitigate potential money laundering risks within the organization.
  • Monitoring and Auditing: Overseeing the monitoring of transactions and activities to detect suspicious behavior and conducting internal audits to ensure compliance.
  • Liaison: Acting as the main point of contact between the organization and regulatory bodies or law enforcement agencies regarding AML matters.
  • Record Keeping: Maintaining detailed records of all SAR-related activities, including reports, training sessions, and risk assessments.