Money Laundering Reporting Officer (MLRO)
The Money Laundering Reporting Officer (MLRO) ensures that proper adherence to the PMLFOT regulations and applicable Implementing Procedures issued by the FIAU is adopted and complied with across the Company’s operations at all times.
Duties & Responsibilities include:
- Ensuring that the CDD procedures including those set out on the Implementing Procedures relating to the onboarding and maintenance of natural or legal persons are invariably complied with at onboarding and on an ongoing basis.
- Implementing and monitoring internal PMLFTR procedures and policies relating to record keeping, reporting, risk assessment, customer due diligence measures and management control systems.
- Ensuring that staff are familiar with the relevant AML legislation and that regular training is provided in this regard.
- Maintaining records of the individuals that undergo training together with the type and date of such training.
- Ensuring that new staff receive the necessary AML training immediately.
- Responsible for reporting any suspicious transactions directly to the FIAU
- Ensuring that internal reporting procedures including escalation procedures are in place to enable staff report any suspicious transactions without hindrance
- Representing LifeStar in any discussions / interaction with competent AML authorities ensuring that the interests of the Company are duly represented and obligations fulfilled
- Liaising with all competent authorities to facilitate communication and to discuss any doubts, worries, suspicions or queries that may arise from time to time in respect of his role.
- Ensuring that any issues are escalated and addressed through robust action plans including that remediation exercises are completed within deadlines and in line with the set standards.
- Embedding a culture of very high conduct and compliance standards on AML and of zero tolerance to inadequate / non-compliance to relevant standards and regulations
Required Skills and Experience
- Proven experience as MLRO within Financial Services
- In-depth knowledge of the industry’s standards and regulations
- Excellent knowledge of reporting procedures and record keeping
- Thoroughly familiar with the Prevention of Money Laundering Act (Cap 373) and subsequent provisions amending the Act, the Regulations made thereunder, as well as the Implementing Procedures and any guidance notes issued by the FIAU
- Methodical and diligent with outstanding planning abilities
- An analytical mind able to “see” the complexities of procedures and regulations
- Excellent communication skills both verbal and written
- Highly developed decision making and leadership skills
- Assertive with proven ability to negotiate with Senior Executives