A Money Laundering Reporting Officer (MLRO) is an individual who is responsible for receiving, analyzing, and reporting suspicious activity reports (SARs) related to money laundering and terrorist financing. MLROs work in a variety of industries, including financial institutions, money service businesses, and gambling organizations. Some of the key responsibilities of an MLRO include:
- Receiving and analyzing SARs from employees or other sources
- Identifying and reporting suspicious activity to the appropriate authorities
- Maintaining records of SARs and other related documents
- Providing training to employees on how to identify and report suspicious activity
- Coordinating with law enforcement and other authorities as needed
- Reviewing and updating the organization’s policies and procedures related to money laundering and terrorist financing
- Monitoring and identifying emerging money laundering trends and threats
An MLRO generally reports to the compliance or legal department of an organization. It is possible for an MLRO and a Chief Compliance Officer (CCO) to be the same person, depending on the size and structure of the organization. In some cases, the MLRO may report directly to the CCO. It is not generally required for MLROs to be certified, although some organizations may prefer to hire individuals with relevant certifications, such as the Certified Anti-Money Laundering Specialist (CAMS) credential.
This page was last updated on January 13, 2023.